2019-10-22 10:49:16

Shafaq News/ Oil prices fell on Tuesday as concerns about a global economic slowdown persisted, which might affect demand to offset some signs of progress in US-China trade talks.

Brent crude futures were down 10 cents, or 0.2 percent, at $ 58.86 a barrel by 07:04 GMT, while U.S. West Texas Intermediate (WTI) crude was down 12 cents, or 0.2 percent, at $ 53.19 a barrel.

U.S. President ,Donald Trump said on Monday efforts to end the trade war with China were going well, and negotiators from both countries were working on a text of the first phase agreement to be signed by their leaders next month at their APEC summit.

"The commodity markets are cautiously optimistic amid signs that a trade agreement between China and China is imminent," ANZ bank wrote in a memo.

Brent has lost 22 percent since its April peak, while U.S. crude has lost 20 percent.

Today, Goldman Sachs trimmed its forecast for global oil demand growth for 2020 to 1.3 million barrels per day (bpd) from 1.4 million barrels earlier.

U.S. shale oil production growth forecast has decreased for next year to 0.7 million bpd from a previous forecast of 1 million bpd.