TOKYO: Oil prices fell on Friday, with Brent slipping away from the $70 mark reached the previous day, pulled down by worries about progress in the US-China trade talks. International benchmark Brent futures dropped 15 cents, or 0.2 per cent, to $69.25 a barrel by 04:55 GMT, having touched $70.03 in the previous session, the highest since November 12. US West Texas Intermediate (WTI) crude was down 1 cent at $62.09. The contract fell 36 cents in the previous session, having hit $62.99 on Wednesday, its highest since November 7.
Weighing on prices are concerns that an economic slowdown could dent fuel consumption, traders said.
Prices for thermal coal and natural gas, the main power generation fuels, have already fallen sharply amid a marked slowdown in consumption. Still, Brent is heading for a second week of gains, while WTI is on track for a fifth consecutive weekly rise. Brent has gained nearly 30 per cent this year, while WTI has risen nearly 40 per cent, underpinned by production cuts and US sanctions against Iran and Venezuela. — Reuters
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