Oil Steady As Focus Shifts From Mideast To G-20 Meeting

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Oil prices were mostly steady early on Tuesday as the market waits on any progress on ending the trade war between China and the United States at the upcoming G-20 meeting in Japan.

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West Texas Intermediate crude for August delivery was last seen up US$0.02 to US$57.92 per barrel while near-month Brent was down US$0.09 to US$64.77.

While prices have been supported by tensions between Iran and the United States following Iran’s downing of a U.S. military drone, demand issues arising from economic damage from the ongoing trade war with China launched by Donald Trump have been in the background. Trump and Chinese President Xi Jinping are expected to talk at the G-20 meeting, raising hopes the feud between the two countries can be resolved.

“A lack of progress will likely see oil prices decline, as the market prices in slower economic growth and oil demand,” Action Economics said in a research note.

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