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Oil Falls 2% as US-China Trade Tensions Rattle Nerves
UPDATE 2-Oil falls as US-China trade tensions rattle nervesUpdates with latest prices, background, analyst commentBy Anjana Anil and Emily Chow. SINGAPORE, Oct 14 - Oil prices reversed early gains and fell on Tuesday amid uncertainty about trade tensions between the U.S. and China, the world's top two economies, which could weigh on global fuel demand.Brent crude futures LCOc1 slipped 28 cents, or 0.4%, to $63.04 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude CLc1 was at $59.26, down 23 cents, or 0.4%.In the previous session, Brent settled 0.9% higher, and U.S. WTI closed up 1%., the market term for immediate deliveries fetching a premium over later deliveries, suggests investors are making less money selling their oil in the spot market because near-term supply is perceived to be ample. In its monthly report on Monday, the Organization of the Petroleum Exporting Countries, and allies including Russia, said the oil market's supply shortfall would shrink in 2026, as the
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