The price of Brent crude was down at trading start Wednesday with a possible delay in resolving the U.S.-China trade war with the latest potential setback in negotiations stalling a rally in global share markets.
International benchmark Brent crude was trading at $61.08 per barrel at 0720 GMT for a 0.13% loss after closing Tuesday at $61.16 a barrel.
American benchmark West Texas Intermediate remained almost unchanged at $55.32 a barrel, after ending Tuesday at $55.50 per barrel.
The U.S. and China were continuing to work on an interim trade agreement, but it may not be completed in time for U.S. and Chinese leaders to sign it next month, a U.S. administration official said.
U.S. crude inventories also fell by 708,000 barrels in the week ending Oct. 25 to 436 million, compared with analysts’ expectations of an increase of 494,000 barrels, according to data from the industry group, the American Petroleum Institute.
Comments of Russia’s deputy energy minister on output cuts by OPEC, saying it was too early to talk of deeper output cuts, added to the pressure on the markets.
By Busranur Begcecanli