Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand.

U.S. President Donald Trump said on Tuesday the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors.

Brent crude futures fell 75 cents, or 1.25%, to $61.31 a barrel by 1030 GMT, while U.S. West Texas Intermediate crude was at $56.30, down 50 cents or 0.9%.

The Secretary General of the Organization of the Petroleum Exporting Countries, Mohammad Barkindo, said he was still confident the United States and China would reach a trade deal.

Source : Reuters