Oil prices pulled back from their highest levels in nearly two months on Friday amid continued uncertainty over 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.
By 05:44 GMT, Brent crude futures (LCOc1) fell 42 cents, or 0.7%, to $63.55 a barrel. West Texas Intermediate crude (CLc1) was at $58.14 a barrel, down 44 cents. or 0.8%.
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