Oil Prices Drop .. Brent Crude Reaches $61

Oil prices fell on Wednesday, after rebounding from a sharp sell-off earlier in the week, as investors shifted their focus to US-China trade talks this weekend.

Brent crude futures fell 71 cents, or about 1.14%, to $61.44 a barrel by end of trading, while US West Texas Intermediate (WTI) crude fell 66 cents, or 1.12%, to $58.43 a barrel.

Latest Oil Prices:

WTI Crude $58.07  -1.73%

Brent Crude $60.96  -1.91%

Murban Crude $61.56  -1.28%

Louisiana Light $62.57  +3.32%

Bonny Light $78.62  -2.84%

Opec Basket $61.81  +3.26%

Mars US $72.57  -1.48%

Gasoline  $2.028  -1.78%

Natural Gas $3.621  +4.56%

Both benchmarks fell to four-year lows this week after OPEC+ decided to accelerate production increases, raising concerns of oversupply at a time when US tariffs have heightened demand concerns.

The United States and China are scheduled to meet in Switzerland, which could be the first step toward resolving a trade war that is disrupting the global economy.

The US-China trade talks come after weeks of escalating tensions, which have seen tariffs on imported goods between the world's two largest economies rise sharply, exceeding 100%.

Investors are also awaiting the Federal Reserve's next policy update on Wednesday, where they expect the key interest rate to remain in the 4.25%-4.50% range until the Fed's meeting on July 29-30.