Singapore — Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the US and China, the world’s biggest crude users, may not lead to more fuel demand as the US intends to keep tariffs on Chinese goods in place.

US treasury secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday. That could temper China’s oil demand growth by limiting its access to its second-largest trading partner. Chinese demand has been the main driver of global fuel consumption growth...

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