Oil prices slides yesterday, retreating from a four-month high, as concerns that trade talks between the United States and China have stalled, stoking fears over the outlook for global economic growth.
International Brent crude oil futures were at $67.49 a barrel down 15 cents, or 0.2 per cent, from their last close. Brent touched $68.20 a barrel on Tuesday, its highest since November 16.
US West Texas Intermediate, WTI, crude futures were at $58.86 per barrel, down 17 cents, or 0.3 per cent, from their last settlement. WTI hit a high of $59.57 a barrel on Tuesday, the highest since November 12.
“The dispute between the two largest economies has been the biggest factor impacting global growth,” said Alfonso Esparza, senior market analyst at brokerage OANDA.
Bloomberg reported US officials were concerned Beijing was pushing back against Washington’s demands during trade talks, lowering hopes for a resolution to the tariff war that has threatened global oil demand.
Still, the drops in oil prices were checked by continued production cuts by major exporters, tightening supply.
Crude stocks fell by 2.1 million barrels in the week to March 15, to 446.8 million, compared with analysts’ expectations for an increase of 309,000 barrels, the data showed.