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Oil Holds Biggest Weekly Drop Since July as U.S., China Meet


Monday, 7 October 2019 08:10 WIB

Minyak WTI


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Oil held its biggest weekly decline since July ahead of U.S.-China trade talks, as a string of disappointing data sparks fears of an economic slowdown.

The New York-traded futures were 0.2% lower Monday, after falling 5.5% last week. Chinese officials are signaling they're increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump. Last week, a key measure of American service-industry activity dropped to the lowest in three years, while an employment gauge registered its weakest reading in more than five years.

West Texas Intermediate for November delivery was 7 cents lower at $52.74 a barrel on the New York Mercantile Exchange at 7:36 a.m. in Singapore.

Brent for December settlement was down 11 cents to $58.26 on the ICE Futures Europe Exchange.

Source: Bloomberg


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