Oil prices dip despite latest U.S.-China trade talks

Oil rises on signs of easing U.S.-China tensions

Oil prices dip despite latest U.S.-China trade talks

Oil prices dip for third day as U.S.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy.

U.S. President Donald Trump expressed optimism on Wednesday, saying there was a very good chance the two sides will reach a trade agreement.

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Global benchmark Brent crude futures LCOc1 rose by 8 cents, or 0.14%, to $58.40 a barrel at 1125 GMT. "China trade talks will be front and center on the agenda across global markets, including oil", said BNP Paribas oil strategist Harry Tchilinguirian.

Prices were also weighed down by a report of rising stockpiles in the United States, which is also now the world's biggest oil producer.

USA crude stocks rose by 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analyst expectations.

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OPEC, the International Energy Agency (IEA), and the U.S. Energy Information Administration (EIA), as well as many other organizations and analysts have trimmed their oil demand growth estimates several times this year already, on the back of signs of slowing economic growth in the world, also due to the U.S.

OPEC said that in September the group's production was 1.32 million bpd lower month-on-month at 28.49 million bpd, largely due to the Saudi attacks.

Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four month pause, in a further sign of expanding crude supply to the market.

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All options are on the table, including a deeper cut from OPEC and its allies in December, OPEC Secretary General Mohammad Barkindo said on Thursday, as the OPEC+ coalition tries to rebalance the market amid floundering economies. It is not trending. "No one is willing to commit to either direction".

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