2019.09.2306:27:00UTC+00Oil Prices Inch Lower On Growth Concerns

Oil prices inched lower on Monday as trade worries persisted and business activity readings from across the euro zone suggested growth had ground to a halt.

U.S. President Donald Trump said he didn't need a trade deal with China before the 2020 election, fueling pessimism about the prospect of a trade truce between the world's two largest economies.

The euro area private sector moved close to stalling at the end of the third quarter, survey data from IHS Markit showed today.

Germany's private sector contracted the most since late 2012 as the downturn in manufacturing deepened and service sector growth lost momentum.

Global benchmark Brent crude declined half a percent to $63.98 a barrel, after having risen as high as $65.50. U.S. West Texas Intermediate crude futures were down 0.55 percent at $57.77.

The downside looked capped amid expectations that Saudi supply restoration after a crippling attack this month may take longer than expected.

It may take many months - rather than the maximum 10 weeks to restore operations to full working order, media reports quoted Saudi officials and oil contractors as saying.