Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy.
That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session.
Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel.
China has invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources.
Source : Reuters