China, the world's biggest oil importer, has lowered their expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States.
Global benchmark Brent crude futures fell 26 cents, or 0.5 per cent, to $58.05 a barrel by 0133 GMT, while US West Texas Intermediate crude was at $52.38 per barrel, down 21 cents, a 0.4 per cent drop. The heads of the world's biggest trading houses, Vitol, Trafigura and Gunvor, told the annual Oil and Money conference in London that oil will weaken next year to around $50 per barrel due to slowing global demand.
"A December meeting between the Organization of the Petroleum Exporting Countries plus allies including Russian Federation would take "decisions that will set us on the path of heightened and sustained stability for 2020", Barkindo said on Thursday".
U.S. crude oil imports decreased while exports increased during the week ending October 4, the U.S. Energy Information Administration (EIA) said Wednesday. Full-year 2020 production in the United States is expected to increase to 13.2 million bpd, reaffirming global fears that U.S. production increases will more than offset OPEC's curbs for next year.
Oil rose on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States, while Turkey's military operation in northern Syria also supported prices as it could impact regional oil production. The report comes as the U.S. - China trade war continues to cloud prospects for the global economy and fuel demand.
Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.
OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments.
Both benchmarks are down more than 20% from April peaks. "It has no reason or excuse to trend", said Tamas Varga of oil brokerage PVM.
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