Trade experts have warned the first phase could slide into 2020
Singapore — Oil prices retreated on Thursday after gaining more than 2% in the previous session on bullish US crude inventory data, as a fresh spat over Hong Kong fuelled concerns of a further delay in any US-China trade deal.
Brent crude futures fell 20 cents, or 0.32%, to $62.20 a barrel by 3.30am GMT. The international benchmark rose 2.5% on Wednesday. “The Sino-US trade war is already taking its toll on the world economy, which in turn will weigh on the growth in global oil demand.” Crude stocks at the US delivery hub of Cushing, Oklahoma fell by 2.3-million barrels, while US crude stocks rose by 1.4-million barrels in the week to November 15, compared with expectations for an increase of 1.5-million barrels, data from the Energy Information Administration showed.
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