OPEC leaves 2020 oil-demand forecast unchanged, cuts 2019 view

Reuters: Oil prices fall as hopes for U.S.-China trade progress wilt

Global benchmark Brent crude futures LCOc1 fell 11 cents, or 0.2%, to $58.21 a barrel by 0354 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were down 11 cents, or 0.2%, at $52.48 per barrel.

Negotiators from the United States and China, the world's top two economies, will meet in Washington on Thursday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.

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.

Meanwhile, there are also jitters about petroleum prices on the world stage.

Commerzbank analyst Carsten Fritsch said if the U.S.

Modi, Xi look to patch up India-China ties
Friday's talks between Modi and Xi were aimed at building on the relationship reset that began in Wuhan in April previous year . The Dalai Lama, the Tibetan spiritual leader and long an aggravation for China, is based at Dharamsala in northern India.

All options are on the table, including a deeper cut from OPEC and its allies in December, OPEC Secretary General Mohammad Barkindo said on Thursday, as the OPEC+ coalition tries to rebalance the market amid floundering economies. "China trade talks will be front and center on the agenda across global markets, including oil", said BNP Paribas oil strategist Harry Tchilinguirian.

"Barkindo's comment reminds markets that if oil prices do not fall off a cliff over demand concerns, we could very see OPEC+ extend their production cuts throughout the majority of 2020", said Edward Moya, senior market analyst at OANDA in NY.

USA crude stocks rose by 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analyst expectations of a 1.4 million barrel increase.

Both benchmarks are down more than 20% from April peaks.

OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. "No one is willing to commit to either direction".

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