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2019-09-25

Oil prices fell for the second session after Trump dampens recent optimism about US-China trade talks.

Palestine Economy Portal.

 

NEW YORK (Reuters) - Oil prices fell for the second session on fears of falling fuel demand after US President Donald Trump dampened recent optimism about US-China trade talks and renewed concerns about global growth.

Brent crude futures were down 52 cents at $ 62.58 a barrel, while US West Texas Intermediate crude was down 40 cents at $ 56.89 a barrel.

Both benchmarks fell to their lowest level since before the September 14 attack on two Saudi oil facilities.

Trump criticized China's trade practices at the UN General Assembly on Tuesday and said he would not accept a "bad deal" in US-China trade negotiations.

China is the world's largest oil importer and the second largest crude consumer, while the United States is the largest oil consumer.

Trump said he saw a path to peace with Iran, although he denounced Iran's "thirst for blood," calming other risk premiums that have been taken into account in oil prices.

Prices were also under pressure from an unexpected rise in US oil inventories last week.

The American Petroleum Institute said on Tuesday that US oil inventories rose 1.4 million barrels last week, compared with analysts' expectations of a decline of 200 thousand barrels.

Official government data from the US Energy Information Administration is due to be released later on Wednesday.

Source: Reuters

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