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Oil drops on concerns that U.S.-China trade deal may not stoke demand

© Reuters. An oil pump is seen just after sunset outside Saint-Fiacre

Oil costs slipped on Wednesday on worries that the pending Phase 1 economic accord between the United States and China, the world’s greatest oil clients, may not help request as the U.S. plans to keep taxes on Chinese merchandise until a subsequent stage.

U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that duties on Chinese merchandise will stay set up until the culmination of a second period of a U.S.- China exchange understanding, even as the two sides are relied upon to sign a break bargain later on Wednesday.

Brent unrefined (LCOc1) was down 19 pennies, or 0.3%, at $64.30 per barrel by 0428 GMT. U.S. West Texas Intermediate rough prospects (CLc1) were down 19 pennies, or 0.3%, at $58.04 a barrel.

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