Oil prices have slipped due to concerns on limited progress between the US and China on rolling back trade taxes.

Expectations of a rise in US crude stockpiles also contributed to the fall.

Brent crude futures LCOc1 were down $0.26 at $62.18 a barrel while West Texas Intermediate (WTI) crude dropped $0.32 to $56.73 a barrel, reported Reuters.

Broadcaster CNBC cited a Chinese government source as saying that Chinese officials were troubled by US President Donald Trump’s comment on taxes. Trump had confirmed earlier in November that no agreement has been reached ‘to remove any of the existing tariffs as a condition of signing a phase-one deal’.

CMC Markets Sydney brokerage chief market strategist Michael McCarthy said: “We had reports overnight that the mood in Beijing was pessimistic.

“The lack of announcement is really concerning for the demand outlook … the market is very nervous about the trade talks.”

According to a preliminary Reuters poll, US crude inventories are expected to increase for a straight fourth week, which also is the reason for slipped prices.

OANDA New York senior market analyst Edward Moya said: “Unless we get further concrete signs of global growth rally or an extension in production cuts by OPEC+ (the Organization of the Petroleum Exporting Countries and associated producers including Russia), WTI will struggle to attempt to recapture the $60-a-barrel mark.”