Oil Prices Decline!

Oil prices tumbled for a third consecutive session on Wednesday as trade issues between the United States and China prior to this week’s trade talks.

This is bringing in higher issues for global economic growth and oil demand.

Now, oil trades at $53.08, which is a rise of $0.52 or 1.00% from the previous close of $52.56.

The daily range is from $52.28 to 53.33, while the trading volume is 141.963K.

U.S. industry data indicated in larger-than-predicted advance in stockpiles at the world’s top oil supplier.

Top officials from Washington and Beijing on Thursday and Friday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that will affect the future economic growth levels.

There are issues over the threat of OPEC-member Ecuador retreating around 30% of its oil supply due to anti-government protests that have seriously affected oil output.

Ecuadorean state-run firm Petroamazonas forecasts that could decline some 188,000 barrels per day (bpd).

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