Oil extended declines, breaking below $62 a barrel on Tuesday, pressured by limited progress in efforts to resolve the trade conflict between the United States and China as well as an expected rise in U.S. crude inventories.

A Chinese government source was quoted by CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal. The long-running dispute has hit economic growth prospects and clouded the outlook on oil demand.

Brent crude, the global benchmark, was down 64 cents at $61.80 a barrel . It had reached $63.65 — the highest since Sept. 24 — on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 66 cents to $56.39.

Source : Reuters