Oil held a loss ahead of trade talks between the US and China, with comments from President Donald Trump highlighting the difficult path officials face reaching a possible agreement.
Brent traded near $61 a barrel after falling 1.7% in the previous session, and West Texas Intermediate was around $58. Trump said on Wednesday that he's unwilling to preemptively lower tariffs on China to jump-start the planned negotiations. Officials will meet in Switzerland this week for the talks.
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Crude has been on a recent downward trajectory due to concerns around the potential hit to global growth from Trump's sweeping tariffs, as well as recent OPEC+ decisions to boost idled output. American shale producers are cutting spending in the Permian Basin following the slide in oil prices.
“Peak demand destruction from tariffs and trade wars will likely be seen in the third quarter this year,” said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. in Sydney. Oil prices could trade in the “mid-to-high $50s” during the second half of the year, he added.
In the US, crude inventories fell for a second week to the lowest level since late March, according to the Energy Information Administration. Stockpiles at the oil storage hub at Cushing, Oklahoma, also shrank.
Brent for July settlement closed 1.7% lower at $61.12 a barrel at 8:10 a.m. in Singapore.
WTI for June delivery was steady at $58.13 a barrel.
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