Oil prices fell on Tuesday as investors braced for the next round of high-level trade talks between the U.S. and China starting Thursday.
Benchmark Brent crude slid 0.35 percent to $58.15 a barrel even as unrest in Iraq and Ecuador raised supply concerns.
U.S. West Texas Intermediate crude futures were down 0.6 percent at $52.45 a barrel.
Prospects for progress in U.S.-China trade talks dimmed after U.S. President Donald Trump said a quick deal was unlikely.
However, White House economic adviser Larry Kudlow said he is hopeful about the trade talks with China, saying that the delegates are starting with a “clean slate, reopening the door.”
“And as you know, Thursday and Friday, the principals’ levels will be meeting and we are waiting for the Chinese offer. We are open, open to almost anything right now.”
The day’s economic data proved to be a mixed bag, with China’s services sector growing at its slowest pace in seven months in September, while a surprise rebound in German industrial production in August suggested that the biggest euro area economy may avoid recession.
The material has been provided by InstaForex Company – www.instaforex.com