London — Oil prices fell on Thursday as an escalating trade battle between the US and China outweighed upward pressure from a surprise decline in US inventories of crude. Brent crude oil futures were at $69.72 a barrel by 8.14am GMT, down 65c from their previous settlement and heading for their second consecutive weekly loss. US West Texas Intermediate (WTI) crude futures were at $61.43 a barrel, down 69c and set for a third week of losses. “Concerns over the ongoing trade dispute between the US and China weighed on markets,” RBC’s Al Stanton said in a note. Heightened tensions between the world’s two biggest economies cloud the outlook for global growth and thus oil demand. US President Donald Trump said on Wednesday that China “broke the deal” in trade talks with Washington and would face stiff tariffs if no agreement is reached. Higher tariffs are set to take effect on Friday, during Chinese vice-premier Liu He’s two-day visit to Washington from Thursday. “The oil market has come...
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