World Commodities - World Commodities Trading - World oil prices dip but post second week of gains.

• Author: Kazmi, S. Kamal Hayder
• Position: Brief article

Byline: S. Kamal Hayder Kazmi

Oil prices fell on Friday but posted their second straight week of gains ahead of trade talks between the US and Chinese presidents this weekend, and on widely expected production cuts from OPEC on Monday.

The most active September Brent crude futures LCOU9 fell 93 cents to settle at $64.74 a barrel. Brent August crude LCOc1 futures settled unchanged at $66.55 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures lost 96 cents to settle at $58.47 a barrel. Brent posted a gain of more than 20% in the first half of 2019, while WTI marked a gain of more than 25%. Both contracts also notched their second straight weekly gain.

Oil futures fell just ahead of settlement as investors sized up positions before meetings this weekend and next week that could lend direction for the market.

The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but...