Oil loses ground ahead of Sino-US talks

Oil prices were trending lower on Tuesday in European trading ahead of the US stockpile release on Wednesday and a resumption of trade talks between Beijing and Washington on Thursday.

Around 13:20 GMT (15:20 CET), Brent North Sea crude oil for December delivery was worth $ 57.80 in London, down 0.94% from Monday's close.

In New York, the US barrel of WTI for November lost 1.12% to 52.16 dollars.

After the beginnings of European exchanges in the green, prices resumed their decline started the day before the close, in the wake of a hectic week that saw Brent and WTI abandon respectively 4.4% and 5, 5%.

"The political postures before the high-level talks between the United States and China are dangerously increasing the risk of not reaching a mini-trade agreement or a de-escalation of tariffs," said Oanda analyst Edward Moya. .

Oil slightly increased its losses after Bloomberg news echoing discussions within the Trump administration about possible investment restrictions for US pension funds in Chinese companies.

Donald Trump announced Monday that he favored a global trade agreement with Beijing rather than a partial treaty, but some US media claimed that the Chinese authorities have significantly reduced the scope of litigation they are willing to address this week

The next negotiations between the United States and China to try to break the stalemate of the trade war will be held from Thursday in Washington.

As in previous negotiating sessions, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead talks with a Chinese delegation led by Deputy Prime Minister Liu He.

Investors are also scrutinizing the situation in Iraq, which has been experiencing a period of social unrest for seven days. Stressing that it is OPEC's "second largest producer", David Madden, a CMC Markets analyst, points out that "the difficulties he faces have raised supply concerns."