Oil prices slide, slow progress in trade talks counters OPEC cuts [CNBC]
Phillips 66 (PSX)
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Source: CNBC
Oil prices slide, slow progress in trade talks counters OPEC cuts Jean-Paul Pelissier | Reuters prices fell on Monday as an uptick in U.S. drilling, a shutdown caused by a fire at a major U.S. refinery and concerns about U.S.-Chinese trade talks all overshadowed support from OPEC-led supply restraint. Benchmark Brent West Texas Intermediate " prices are still trying to figure out what lead to follow. On the one hand, there is the OPEC+ cut story, now coupled with increasing issues around Venezuelan supply", Vienna-based consultancy JBC Energy said. "At the same time, it has to be argued that a lot of the economic data that has been released over the last few days has really not been too encouraging, and U.S.-Chinese trade talks are also seemingly not progressing very fast." Energy firms in the United States last week increased the number of oil rigs operating for the second time in three weeks, pointing to a further rise in U.S. crude production, a weekly report by Baker Hughes said
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