2019.11.2209:30:00UTC+00Oil Prices Pull Back From Two-month High

Oil prices pulled back from a two-month high on Friday as trade worries lingered and the Organization for Economic Cooperation and Development (OECD) trimmed its outlook for the global economy, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.

Benchmark Brent crude edged down 0.15 percent to $63.87 a barrel, while West Texas Intermediate (WTI) crude futures were down 0.4 percent at $58.37 a barrel.

Trade worries linger, though equities found some support today amid fresh indications of progress in Sino-American trade talks.

China is expected to fight back if U.S. President Donald Trump signs a bill overwhelmingly passed by Congress that is seen as supporting pro-democracy protestors in Hong Kong.

The OECE forecasts continued global growth of around 3 percent but warns that the risks have increased amid trade conflicts, weak business investment and political uncertainty.

Flash data from IHS Markit showed today that the euro area private sector remained close to stagnant for a third consecutive month in November.

The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.

The U.K. services purchasing managers index fell to a 40-month low in November while the manufacturing PMI slipped to a two-month low.