Oil prices mingle in stalemate in US-China trade By Reuters

By Aaron Sheldrick

TOKYO (Reuters) – Oil futures were mixed on Monday, with a slight dip, as investors and traders worried about global economic growth prospects due to a stalemate in the negotiations. Sino-US trade.

WTI (West Texas Intermediate) futures in the United States were $ 61.58 per barrel, down 9 cents or 0.2% at 0223 GMT from their previous settlement. WTI closed the last session of the day.

Futures contracts were $ 70.73 per barrel, up 11 cents or 0.2% from their last close. Brent finished the previous session little changed.

The trade dispute between the world's two largest economies has worsened on Friday. The United States raised customs duties on Chinese goods for $ 200 billion. President Donald Trump said Beijing "broke the deal" by waiving previous commitments made in months of negotiations.

The parties found themselves in deadlock over the negotiations on Sunday as Washington demanded concrete changes to Chinese legislation and Beijing said it would engulf no "bitter fruit" that would harm its members. interests.

Data from the International Energy Agency revealed that the United States and China together accounted for 34% of world oil consumption in the first quarter of 2019.

"The trade war between the United States and China should intensify, which will limit price gains," said Abhishek Kumar, head of analysis at Interfax Energy in London.

"Market players will closely watch the retaliatory measures taken by China in response to the imposition of additional US tariffs on Chinese products," said Kumar, adding that the dispute "could be particularly damaging to the growth of global demand for oil ".

Meanwhile, in an early indicator of future output, US energy companies reduced the number of oil rigs in operation last week for the third time in four weeks.

Drillers cut two oil platforms in the week to May 10, bringing the total number to 805, General Electric Energy services firm Baker Hughes (NYSE 🙂 Co said in its report closely followed Friday.

The number of rigs has decreased in the last five months as independent exploration and production companies have reduced their expenses in new drilling.