West Texas Intermediate for January delivery slipped 30 cents to $50.60 a barrel at 10:20 a.m. in London. The contract fell 14 cents to close at $50.90 on Thursday. Total volume traded was about 25 percent below the 100-day average. Prices closed at the highest since July 2015 on Tuesday. Brent for February settlement slipped 24 cents to $53.78 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 12 cents to $54.02 a barrel on Thursday. The global benchmark crude traded at a premium of $2.12 to February WTI. click Read More below for more of the story
Oil prices fell on Friday, weighed down by lingering uncertainty about how close the United States and China were to a trade deal and on rising U.S. crude inventories.
China’s commerce ministry said on Thursday that two countries had agreed in the past two weeks to cancel trade tariffs in different phases, without giving a timeline.
But the comment was soon shrouded in doubt after Reuters reported the plan faced stiff internal opposition in the U.S. administration.
more at source: https://www.reuters.com/article/us-global-oil/oil-slides-as-uncertainty-returns-about-u-s-china-trade-deal-idUSKBN1XI03I