WTI Crude Oil Prices Drop as US-China Trade Negotiations Going Nowhere
WTI crude oil prices saw a steep decline, coming down from two-month highs, on the back of rising uncertainty surrounding the signing of the Phase one trade deal between the US and China. At the time of writing, WTI crude oil is trading at around $58.15 per barrel.
Unless trade negotiations between the US and China result in significant progress towards a trade deal, oil markets are likely to come under pressure over mounting worries of slowing demand as global economic growth weakens. Crude oil prices are trading weak ever since troubling news emerged about trouble in trade talks over the issue of tariff rollbacks.
Oil prices had climbed to the highest levels since September over expectations for additional curbs in crude production at the next OPEC meeting coming up in early December. Crude oil also enjoyed some support when China’s Commerce Ministry confirmed its efforts towards reaching a trade agreement with the US towards ending the trade war. However, crude oil dropped as soon as markets felt this trade deal could get delayed until 2020.
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