2019.05.0807:01:00UTC+00Oil Prices Extend Losses On Growth Worries

Oil prices fell on Wednesday to extended losses from the previous session as renewed doubts over U.S.-China trade talks stoked concerns over global growth.

Mixed trade data from China also added to economic uncertainty while surging China crude imports and U.S. sanctions on crude exporters Iran and Venezuela helped to limit the overall downside.

Benchmark Brent crude dropped 0.6 percent to $69.47 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.4 percent at $61.16 per barrel.

After the U.S. confirmed that it planned to raise tariffs on $200 billion of Chinese goods, investors remained edgy ahead of trade talks on Thursday and Friday in Washington.

Chinese trade data proved to be a mixed bag. While exports unexpectedly shrank 2.7 percent in April from a year earlier, imports surprised with their first increase in five months.

China's crude oil imports in April hit a record high of 10.68 million b/d, rebounding from 9.3 million b/d in March, preliminary data from the General Administration of Customs showed.

The Organization of the Petroleum Exporting Countries, Russia and other producers will meet in June to decide their output policy for the rest of the year.

Saudi Arabia, OPEC's de-facto leader, would raise its crude oil production to meet market needs arising from U.S. sanctions on Iran, U.S. Energy Secretary Rick Perry said on Tuesday.