SEOUL: Oil prices eased on Friday in a cautious market, as traders eyed a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the G20 summit and next week's OPEC meeting.AdvertisementU.S. West Texas Intermediate crude futures were down 40 cents, or 0.7per cent, at US$59.03 a barrel.
A trade dispute between the world's two biggest economies has weighed on oil prices, fanning fears that slowing economic growth could dent demand for the commodity. "Even if U.S.-China trade talks turn positive, we think OPEC will extend the current production cuts until the end of the year. However, deeper cuts look unlikely, given the rising supply issues," ANZ said.
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