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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil mixed as traders fret over growth prospects

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TOKYO: Oil futures were mixed on Monday, with US crude edging lower, as investors and traders fretted over global economic growth prospects amid a standoff in Sino-US trade talks.


US West Texas Intermediate (WTI) futures were at $61.58 per barrel, down 9 cents, or 0.2 per cent at 0223 GMT, from their previous settlement. WTI closed the last session steady on the day.


Brent crude futures were at $70.73 a barrel, up 11 cents, or 0.2 per cent, from their last close. Brent ended the previous session little changed.


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 parties appeared at a deadlock over 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 US 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. — Reuters


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