[10/January/2019] SANAA, Jan. 10 (Saba) - The Oil prices have fallen more than 1% today as a result of unfavorable US-China trade talks and official data once again pointed to huge US fuel stocks.
US West Texas Intermediate crude futures were $ 51.66 a barrel, down 70 cents, or 1.3 percent, from the previous settlement.
Brent crude fell 1.3 percent, or 79 cents, to $ 60.65 a barrel.
Both benchmark prices were up about 5% the previous day, maklins a week gain in the longest sustainable rally since last summer.
Global financial markets have risen in the hope that Washington and Beijing could soon end their trade dispute and avoid a full-scale trade war between the world's two largest economies.
However, some positive sentiment has declined today, after the conclusion of the negotiations and the release of positive data from both sides but with limited details.
Meanwhile, Morgan Stanley cut its forecast for the oil price for 2019 to more than $ 10 on Wednesday, signaling speculation of weak economic growth and increased crude supplies, particularly from the United States.
The bank now expects Brent to average $ 61 a barrel this year, down from its previous estimate of $ 69 and US crude to $ 54 on average, compared to a previous forecast of $ 60.