Oil prices fall amid rising dollar, concerns over United States growth

Oil prices up with OPEC cuts, US-China trade talks

-China trade talks and official data that again indicated vast fuel stocks in the United States.

President Donald Trump said on Thursday the United States was having tremendous success in its trade negotiations with China, a day after US and Chinese officials concluded three days of talks in Beijing.

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day. The tepid performance of both crude futures and energy stocks came as the US government shutdown has been stretching for three weeks and showed no signs of ending.

Earlier weakness in stocks and data showing a decline in US consumer prices in December stoked investor appetite for Treasuries, pushing their yields lower.

Crude futures sank along with the ebbing energy sector in the 11 primary S&P 500 sectors, which led the laggards with around 0.58 percent fall. Hong Kong's Hang Seng rose 0.4 percent to 26,633.47. The FTSE 100 index of leading British shares was 0.2 percent lower at 6,930.

On Wednesday, a clutch of U.S. Federal Reserve officials said they would be cautious about any further increases in interest rates so that the central bank could assess growing risks to an otherwise-solid U.S. economic outlook.

More news: Greece flags German war reparation claim

Global financial markets had surged on hope Washington and Beijing would avert an all-out trade war. In December, U.S. President Donald Trump and Chinese leader Xi Jinping agreed to a 90-day tariffs cease-fire, for negotiators to soothe tensions that have unsettled trade.

ANALYST'S TAKE: "While there was agreement on less thorny issues such as agriculture and energy, US demands for verification and enforceable targets on intellectual property rights, transfer of technologies and non-tariff barriers may not be that easily addressed", DBS Group Research strategists Eugene Leow and Neel Gopalakrishnan said in a commentary. Producer prices inched up 0.9 percent from a year ago, far from November's 2.7 percent rise. Slowing inflation raises doubts about the health of the world's second largest economy.

Persistent worries about a global economic slowdown finally dominated traders' concerns and ended crude's 9 day winning streak on Friday - although both benchmarks still achieved a second week of gains, with West Texas Intermediate and Brent up about 7.5 percent and 6 percent respectively. The market gained 512.56 points or 3.55 per cent for the week, its best run since October 2015. It added 23 cents to $52.94 per barrel on Thursday.

CURRENCIES: The dollar strengthened to 107.92 yen from 108.15 yen late Wednesday.

USA crude, which has jumped 15 percent in 2019, dropped 63 cents to USD$51.72 per barrel in electronic trading on the New York Mercantile Exchange. The euro rose to $1.1527 from $1.1501.

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