Oil extended declines, breaking below $62 a barrel on Tuesday, pressured by limited progress in efforts to resolve the trade conflict between the United States and China as well as an expected rise in U.S. crude inventories.
A Chinese government source was quoted by CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal. The long-running dispute has hit economic growth prospects and clouded the outlook on oil demand.
Brent crude, the global benchmark, was down 64 cents at $61.80 a barrel . It had reached $63.65 ” the highest since Sept. 24 ” on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 66 cents to $56.39.
Source : Reuters
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