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Oil prices fall amid U.S.-China trade impasse

Published 13/05/2019, 01:33
Oil prices fall amid U.S.-China trade impasse
LCO
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CL
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SYDNEY, May 13 (Reuters) - Oil futures edged down on Monday,
pressured by fears over global economic growth amid a standoff
in Sino-U.S. trade talks.
Brent crude futures LCOc1 were at $70.49 a barrel at 0013
GMT, down 12 cents, or 0.2 percent, from their last close.
Brent ended the previous session little changed.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $61.31 per barrel, down 27 cents, or 0.4 percent, from their
previous settlement. WTI closed the last session steady on the
day.
The United States and China appeared at a deadlock over
trade negotiations on Sunday as Washington demanded promises of
concrete changes to Chinese law and Beijing said it would not
swallow any "bitter fruit" that harmed its interests.
The trade conflict between the world's top two economies
escalated on Friday, with the United States hiking tariffs on
$200 billion worth of Chinese goods after President Donald Trump
said Beijing "broke the deal" by reneging on earlier commitments
made during months of negotiations
The United States and China together accounted for 34% of
global oil consumption in the first quarter of 2019, data from
the International Energy Agency showed.


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