Reuters: Oil eases amid concern over U.S.-China trade talks dragging on
U.S. oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, while rising U.S. inventories also jangled nerves.
West Texas Intermediate (WTI) crude CLc1 dropped 27 cents or 0.47% to $56.78 a barrel by 0549 GMT, slipping further away from an eight-week high hit last Friday when hopes for the trade deal rose, Reuters said.
Brent crude futures LCOc1 were down 20 cents, or 0.32%, at $62.24.
A Chinese government source was quoted by broadcaster CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal, with Chinese officials troubled by U.S. President Donald Trump's comment that there was no agreement on phasing out tariffs.
The lingering trade battle that has seen the world's two biggest economies impose tit-for-tat tariffs on each other has hit global growth prospects and clouded the outlook for future oil demand.
Meanwhile a preliminary Reuters poll on Monday showing U.S. crude oil stockpile were seen rising for the fourth straight week also squeezed prices.
The American Petroleum Institute is scheduled to release its data for the latest week at 4:30 p.m. EDT (2030 GMT) on Tuesday, while the Energy Information Administration's official weekly report is due on Wednesday.