2019.03.2106:49:00UTC+00Oil Prices Ease On Growth Concerns

Oil prices fell from a four-month high on Thursday as renewed fears about slowing global growth weighed on market sentiment.

Global benchmark Brent crude slid 0.4 percent to $68.23 a barrel, after having touched $68.57 a barrel on Wednesday, its highest level since Nov. 13.

U.S. West Texas Intermediate (WTI) crude futures were down 0.7 percent at $59.84 per barrel.

Growth worries re-emerged after the U.S. Federal Reserve cut its economic growth forecast for 2019 and also revised down expectations for headline inflation, citing slowdowns in household spending and business fixed investment.

Meanwhile, China and the U.S. will resume trade talks next week following conflicting reports over the progress of negotiations in recent days.

U.S. President Donald Trump warned on Wednesday that he would likely keep tariffs on Chinese goods for a "substantial period" until he is sure Beijing is complying with any trade agreement.

The downside in oil remained capped after the Energy Information Administration on Wednesday reported a larger-than-expected draw in U.S. oil stockpiles last week.

U.S. crude oil stockpiles fell by 9.6 million barrels for the week ended March 15, the most since July, boosted by strong export and refining demand. That compared with analysts' expectations for an increase of 309,000 barrels.