Oil Prices Drop

Oil prices are into a falling side during the Asian trading hours amid higher expectations  for a trade deal between China and the U.S.

Currently, oil trades at $56.35, which is a decline of $0.40 or 0.70% from the previous clsoe of $56.75.

The daily range is from $56.21 to $56.76, while the trading volume is 81.73K.

The trend for oil demand is declining after the energy demand fell after U.S. President Donald Trump didnt meet traders and investors hopes by not providing a data or a venue for the signing of a partial trade deal with China.

Moreover, global oil demand growth is likely to surge by 1 million barrels per day on average to 2025 but is forecast to slow to an average of 100,000 bpd a year from then on, according to the IEA.

In addition, the American Petroleum Institute is about to reports its numbers for the latest week at 4:30 PM ET, while the weekly report from the U.S. Energy Information Administration is due at 11:00 AM ET on Thursday.