Oil prices fell today as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-US trade conflict.
International Brent crude futures were at $61.55 per barrel down 13 cents or 0.2 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents or 0.1 percent to $52.52 per barrel.
Traders said the declines came on lingering concerns over the health of the global economy.Most analysts have downgraded their global economic growth forecasts below 3 percent for 2019 with some even fearing a looming recession amid trade disputes and spiraling debt.
Oil prices were on track for solid weekly gains after financial markets were lifted by hopes the United States and China may soon resolve their trade disputes and as OPEC-led crude output cuts started to tighten supply.For now however there is hope that the trade war between Washington and Beijing may be resolved as global markets including oil took heart from talks between the two sides this week..
China said said that they had established a foundation to resolve differences over trade. But it gave few details on key issues at stake including a scheduled US tariff increase on $200 billion worth of Chinese imports.