Brent crude slides toward $60 on oversupply, U.S.-China trade strains

Brent crude slides toward $60 on oversupply, U.S.-China trade strains

(World Oil)– Oil headed for a third weekly decline as traders focused on growing signs of oversupply and the fallout from renewed U.S.-China trade tensions. U.S. President Donald Trump said he would hold a second meeting with Russia’s Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine, raising the possibility of more supply. Brent traded near $60 a barrel, on track to drop another 4% this week in its longest losing streak