1/15, 5:21 PM (Source: TeleTrader)
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Oil slides as traders remain wary about trade deal

Shortly before the historic trade accord between Washington and Beijing was to be signed, crude prices declined over 1% as traders remained wary that the long-awaited interim accord would not bring the much-needed boost in demand.

The latest details about the agreement added to market participants' concerns as it was made known that the US has no intention to remove the existing tariffs on around $360 billion of Chinese goods before the start of the second phase talks. If so, tariffs would continue to weigh down on China's oil demand as they have thus far.

West Texas Intermediate futures for February settlement dropped 1.13% to $57.54 per barrel at 11:07 am ET, while international benchmark Brent for delivery in March retreated 0.96% at 11:06 am ET, selling for $63.85 per barrel of crude.

Breaking the News / GG