By: Nadeemy Haded
WASHINGTON (Reuters) - US oil prices fell for a second day on Tuesday as market concerns over limited progress in Sino-US trade talks on abolishing trade duties as well as increased US inventories.
US West Texas Intermediate (WTI) crude was down 27 cents, or 0.47 percent, at $ 56.78 a barrel by 05:49 GMT, further away from Friday's eight-week high when hopes of a trade deal grew.
Brent crude futures were down 20 cents, or 0.32 percent, at $ 62.24.
CNBC television quoted a Chinese government source as saying on Monday there was pessimism in Beijing over the prospects of a trade deal, with Chinese officials worried about US President Donald Trump's statement that no agreement was reached on a phasing out of the duties.
Meanwhile, a preliminary Reuters poll on Monday predicted that US crude oil inventories will rise for the fourth consecutive week, putting pressure on prices.
The American Petroleum Institute is due to release data on the latest week by 20:30 GMT on Tuesday, while the US Energy Information Administration's weekly official report is due on Wednesday.
Source Sky News