Oil prices drop as trade war concerns haunt market

Oil prices slipped for a second straight day yesterday as a slowing global demand outlook outweighed OPEC’s deal with associated producers last week to deepen output cuts in 2020. Brent crude was down 11 cents, or 0.2 per cent, at $64.14 per barrel by 1445 GMT, and West Texas Intermediate oil was 14 cents, or 0.2%, lower at $58.88 a barrel.

The benchmarks fell 0.2pc and 0.3pc respectively on Monday. Last week, the Organisation of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices. However, crude pric - es have fallen this week as a Dec.

15 deadline for the next round of U.S. tariffs on Chinese imports loomed over markets. “Now with OPEC+ meetings out of the way, the market will likely focus back to trade talk developments, particularly with the 15 December deadline fast approaching,” ING analyst Warren Patterson said.