Oil loses ground as concern about growth counters tighter market
Brent slips as traders mull potential slowdown in fuel demand growth due to US-China trade dispute and emerging-market troubles
Singapore — Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about fuel demand growth. US West Texas Intermediate (WTI) crude futures were at $69.91 a barrel at 2.20am GMT, down 46c, or 0.6%, from their last settlement. Brent crude futures slipped 38c, or 0.5%, to $79.36 a barrel. The falls came as a result of a potential slowdown in fuel demand growth because of trade disputes between the US and China as well as emerging-market turmoil. American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the US business lobbies behind the poll to urge the Trump administration to reconsider its approach. The Trump administration has invited Chinese officials to restart trade talks, just as Washington prepares to escalate the US-China trade war with tariffs on $200bn worth of Chinese goods. Oil cartel Opec on Wedn...
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