TOKYO- Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy.
Brent crude was down 30 cents, or 0.5 percent, at $60.19 a barrel while US crude was down 15 cents, or 0.3 percent, at $55.63 a barrel. Oil prices rose around 1.5 percent in the previous session.
Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check.
Daly said on Thursday she believes the US economy has “strong” momentum, but uncertainty and a global growth slowdown are having an impact.
Daly was speaking to reporters after a speech in Wellington, New Zealand and said she was in “watch and see” mode in assessing the need for another US interest-rate cut.
US President Donald Trump said on Monday he believed China was sincere about wanting to reach a trade deal, but concerns arose on Tuesday after China’s foreign ministry declined to confirm a telephone call between the two countries on trade. – Reuters