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MTECHTIPS;-Oil dips on worries U.S.-China trade deal could slip to next year

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MTECHTIPS;-Oil dips on worries U.S.-China trade deal could slip to next year

 

MTECHTIPS-Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any U.S.-China trade deal, after posting steep gains in the previous session on bullish U.S. crude inventory data. The trade war between the world’s two biggest economies has dominated the outlook for future oil demand, and trade experts have warned the completion of a “phase one” U.S.-China trade deal could slip into next year. crude futures LCOc1 fell 25 cents, or 0.4%, to $62.15 a barrel by 0138 GMT. The international benchmark rose 2.5% on Wednesday. West Texas Intermediate (WTI) crude futures CLc1 dropped 20 cents, or 0.4%, to $56.81 per barrel. U.S. crude closed up 3.4% in the previous session. “The trade talks are driving prices. I think you can draw a straight line vector between the price of oil and sentiment around trade,” said Stephen Innes, market strategist at Axi Trader. “I view the (U.S.-China) deal as massive. A trade deal would allow held-back business investment decisions to move forward and possibly turn around the faltering momentum in Indian oil import demand, which could soak up a large portion of the supply glut.” Among the latest trade row hurdles, China condemned a U.S. Senate bill aimed at protecting human rights in 

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