Oil dips as US-China trade negotiations continue

Oil drilling rigs

Oil prices slipped today, July 29, amid uncertainty about the global economic outlook and the ongoing bilateral trade negotiations between the world's two largest economies.

Brent crude was trading down 0.1% at $69.96 a barrel, at 07:54 am Makkah time. West Texas Intermediate (WTI) crude fell 0.1% to $66.63 a barrel.

Top economic officials from the US and China met in Stockholm on July 28 to resolve the long-standing economic disputes. The discussion, which stretched over five hours yesterday, is expected to resume today.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on July 30.