Oil edged lower as the latest round of U.S. and China trade talks got underway just hours before the Trump administration is set to slap tougher tariffs on Chinese goods, a move that’ll deepen a conflict overhanging the global economy.
Futures in New York were slightly softer, adding to a 0.7% decline Friday. Chinese Vice Premier Liu He arrived in Washington Thursday for two days of talks. U.S. President Donald Trump said a deal was still possible, but reiterated plans to raise tariffs on some $200 billion of Chinese goods from Friday.
West Texas Intermediate crude for June delivery was 2 cents lower at $61.68 a barrel on the New York Mercantile Exchange as at 8:34 a.m. Sydney time.
June WTI slid 42 cents to settle at $61.70 a barrel Thursday.
Brent for July settlement gained 2 cents to $70.39 a barrel on the London-based ICE Futures Europe exchange.
Source : Bloomberg