Oil prices futures edged down on Monday, pressured by fears over global economic growth amid a standoff in Sino-US trade talks.
Brent crude futures were at $70.49 a barrel down 12 cents, or 0.2 per cent, from their last close. Brent ended the previous session little changed, while the US West Texas Intermediate, WTI, crude futures were at $61.31 per barrel, down 27 cents, or 0.4 per cent, from their previous settlement. WTI closed the last session steady on the day.
The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.
The trade conflict between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations
The United States and China together accounted for 34 per cent of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed.