Oil prices slid on Thursday, pressured lower by a U.S. inventory build and fresh uncertainty around a potential trade deal between the United States and China which weighed on the demand outlook.
U.S. West Texas Intermediate (WTI) crude futures were down 58 cents at $54.47 by 08:59 AM ET (12:59 GMT). On the month, however, they are set for a rise of about 0.5%, its biggest monthly gain since June.
Brent crude futures were down 58 cents at $59.66 a barrel, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract is set for a monthly decline of about 0.6%.
Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with Washington and U.S. President Donald Trump, Bloomberg reported earlier in the day, citing unnamed sources.
Source : Investing.com