Oil retreats for first time in six on profit-taking

Economies.com
2019-02-19 13:17PM UTC

Oil prices maintained losses in American trade on track for the first loss in six, on profit-taking amid concerns of weak demand this year, while investors follow US-China trade talks closely. 

 

As of 13:05 GMT, US crude dropped to $56.40 a barrel from the opening of $56.43, while Brent retreated to $66.25. 

 

US crude added 0.5% yesterday, the fifth profit in a row, marking three-month highs at $56.71, while Brent rose 0.3%. 

 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

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