Oil prices dip as hopes for a US-China deal weaken

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Oil prices dipped on Wednesday as prospects for a trade deal between the United States and China dimmed, weighing on the outlook for the global economy and energy demand.

U.S. President Donald Trump said on Wednesday that the two countries were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors.

Brent crude futures edged down 16 cents, or 0.3%, to $61.90 a barrel, while U.S. crude was at $56.65, down 15 cents or 0.3%.

A forecast by the International Energy Agency’s for slower global oil demand growth post-2025 also weighed on the market.

Global oil demand growth is expected to grow by 1 million barrels per day on average to 2025 but is forecast to slow to an average of 100,000 bpd a year from then on as fuel efficiency improves and more electric vehicles hit the road, the IEA said in its annual World Energy Outlook for the period to 2040.




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