UNITED STATES, WASHINGTON (OBSERVATORY) — Oil prices fell on Friday as trade tensions between the United States and China continued to put pressure on sentiment despite diplomatic progress.
By 10:25 GMT, Brent crude fell 0.7% to $ 60.50 a barrel, while US West Texas Intermediate crude fell 0.9% to $ 55.81 a barrel.
Beijing and Washington agreed yesterday to hold high-level talks in early October. The news was welcomed by investors hoping to end the trade war, which led to reciprocal tariff increases between the world’s two largest economies, hurting economic growth.
The long-running dispute is adversely affecting oil prices, although prices have risen over the year thanks to factors including production cuts, led by a group of producers to absorb the glut.
But analysts warn that market fundamentals remain bearish and rely heavily on a settlement of the US-China trade crisis.
The US Energy Information Administration said that inventories of oil and oil products in the United States fell last week by 4.8 million barrels to 423 million barrels, the lowest level since October 2018.
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