11/13/2019, 9:00 AM (Source: TeleTrader)
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Oil prices decline on fresh trade concerns

Crude futures traded lower on Wednesday as hopes that the United States and China will reach a trade deal soon faded after the latest comments from American officials.

US President Donald Trump insisted the two sides are close to a phase one agreement but failed to provide more details on the timing and warned that, in case a deal is not reached, he will "substantially" hike tariffs on Chinese products. Meanwhile, White House economic adviser Larry Kudlow confirmed progress has been made on several issues and a phase one deal could come "soon." Still, Kudlow stressed he would rather "not put a timeline on the China trade deal," raising concerns it may not happen as soon as previously anticipated.

Brent for settlements in January fell 0.50% to go for $61.74 per barrel at 2:48 am ET and West Texas Intermediate (WTI) lost 0.44% to sell for $56.55 per barrel at 2:49 am ET.

Breaking the News / NP