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Cowboy farmer and oil pumpjack Getty Images Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Tuesday the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. Brent crude futures fell 58 cents to $61.47 a barrel, while U.S. West Texas Intermediate crude was at $56.43, down 37 cents or 0.6%. “The expectations of an inventory build in the U.S. and uncertainty over the OPEC+ strategy on output cuts and U.S./China trade deal are weighing on oil prices,” said analysts at ING including the head of commodity strategy Warren Patterson. The Secretary General of the Organization of the Petroleum Exporting Countries, Mohammad Barkindo, said he was still confident the United States and China would reach a trade deal. “It will almost remove that dark cloud that had engulfed the global economy,” he said adding that it was too early to discuss output policy of OPEC’s December meeting. In the United States, crude oil inventories were forecast to […]
