MTECHTIPS;- Oil slips to $62 as trade talks between US-China drag on

MTECHTIPS;-  Oil slips to $62 as trade talks between US-China drag on

MTECHTIPS-Oil extended declines to $62 a barrel on November 19, pressured by limited progress in efforts to resolve the trade conflict between the United States and China as well as an expected rise in US crude inventories. A Chinese government source was quoted by CNBC on Monday as saying there was gloom in Beijing about prospects for a trade deal. The long-running dispute has hit economic growth prospects and clouded the outlook on oil demand. Brent crude, the global benchmark, was down 49 cents at $61.95 a barrel at 0937 GMT. It had reached $63.65 — the highest since Sept. 24 — on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 36 cents to $56.69. “The less than promising reports coming from China on the trade war may have taken some of the energy out of the rally,” said Craig Erlam, analyst at brokerage OANDA We’re certainly seeing less momentum in the recent rallies.” Oil also declined on the prospect of a further increase in US crude inventories, suggesting ample supplies. The average estimate from six analysts polled by Reuters was for crude inventories to have risen by about 1.1 million 

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