Oil prices slipped in early trading on Wednesday amid ongoing assessments of U.S.-China trade talks and concerns over weak crude demand from China, coupled with increased output from OPEC and its allies.
As of 01:19 GMT, Brent crude futures fell by 24 cents, or 0.36%, to $66.63 per barrel. U.S. West Texas Intermediate (WTI) crude dropped by 21 cents, or 0.32%, to $64.77 per barrel.
U.S. Commerce Secretary Howard Lutnick said Tuesday, following two days of intensive negotiations in London, that American and Chinese officials had agreed on a framework to halt mutual trade measures and address China’s export restrictions on rare earth elements and magnets.
Lutnick added that the outcome would be presented to President Trump for approval.
Earlier this week, weak Chinese oil import data and the continued rise in output from the OPEC+ group—which includes the Organization of the Petroleum Exporting Countries and allies such as Russia—put downward pressure on prices.
OPEC+ plans to increase oil production by 411,000 barrels per day in July.
— (Reuters)
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Oil prices slipped in early trading on Wednesday amid ongoing assessments of U.S.-China trade talks and concerns over weak crude demand from China, coupled with increased output from OPEC and its allies.
As of 01:19 GMT, Brent crude futures fell by 24 cents, or 0.36%, to $66.63 per barrel. U.S. West Texas Intermediate (WTI) crude dropped by 21 cents, or 0.32%, to $64.77 per barrel.
U.S. Commerce Secretary Howard Lutnick said Tuesday, following two days of intensive negotiations in London, that American and Chinese officials had agreed on a framework to halt mutual trade measures and address China’s export restrictions on rare earth elements and magnets.
Lutnick added that the outcome would be presented to President Trump for approval.
Earlier this week, weak Chinese oil import data and the continued rise in output from the OPEC+ group—which includes the Organization of the Petroleum Exporting Countries and allies such as Russia—put downward pressure on prices.
OPEC+ plans to increase oil production by 411,000 barrels per day in July.
— (Reuters)
