Oil continued to fall ahead of trade talks between the US and China, with comments from President Donald Trump highlighting the difficult path officials face to reach a possible deal.
West Texas Intermediate crude futures were trading near $58 a barrel after falling 1.7% in the previous session. Brent crude futures settled above $61. Trump said Wednesday he was not willing to roll back tariffs on China first to jump-start planned negotiations. The officials are set to meet in Switzerland this week for talks.
Crude prices have been on a tear recently on concerns about the potential hit to global growth from Trump's hefty tariffs, as well as OPEC+'s recent decision to boost idled production. American shale producers are cutting spending in the Permian Basin following the drop in oil prices. Meanwhile, the US Federal Reserve left interest rates unchanged, and Chairman Jerome Powell said officials are in no rush to raise them, citing the potential for tariffs to lead to higher inflation and unemployment. (Newsmaker23)
Source: Bloomberg
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