LATEST CRUDE OIL UPDATE BY – MCX PROFIT HUB

Oil prices drop as hopes for U.S.-China trade progress wilt

Oil prices slid on Thursday as hopes faded for any significant progress in U.S.-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand.

Chinese government officials told that China has lowered its expectations for progress in the talks to end a 15-month-old tit-for-tat trade dispute that has slowed global economic growth, upset by the U.S. blacklisting of Chinese companies.

U.S. President Don

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ald Trump expressed optimism on Wednesday, saying there was a very good chance the two sides will reach a trade agreement. But with high-level trade discussions set to start later on Thursday, the South China Morning Post reported the pair had made no progress in preliminary, lower-level talks.