21.11.201909:37:00UTC+00Oil Prices Drop On Trade Worries

Oil prices fell on Thursday as a spat over Hong Kong added to worries of a delay in any U.S.-China trade deal.

Benchmark Brent crude declined half a percent to $62.09 a barrel, while West Texas Intermediate (WTI) crude futures edged down 0.45 percent to $56.76 a barrel.

Both benchmarks posted strong gains in the previous session on data showing a smaller-than-expected build in U.S. inventories and rising tensions in the Middle East.

Investors remain concerned that the Phase 1 trade deal between the U.S. and China may not be reached within this year.

U.S. President Donald Trump told reporters on Wednesday that he has not made a trade deal with China yet because Beijing is not "stepping up" in negotiations. "I don't think they're stepping up to the level that I want," he said.

A U.S. bill aimed at protecting Hong Kong's freedom also added to tensions between the world's two biggest economies.

China threatened "strong countermeasures" if U.S. lawmakers throw their support behind the protesters in Hong Kong.

Elsewhere, Russian President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries have "a common goal" of keeping the oil market balanced and predictable for consumers and producers.

Saudi Arabia's King Salman said that the kingdom's oil policy aims to promote stability in global oil markets.