October 29, 2019 / 9:24 AM / 17 days ago

Oil prices finely balanced at $60/barrel, BP CFO says

FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) - Brent oil prices are finely balanced at around $60 a barrel but are more likely to move lower than higher in the near term due to U.S.-China trade tensions, BP Chief Financial Officer said.

Speaking to Reuters after BP reported a 40% drop in third quarter results, Brian Gilvary said global oil demand growth slowed to 900,000 barrels per day in the quarter.

That compared with demand growth of 1.3 million bpd in the first three months of the year and 1 million bpd in the second quarter, Gilvary said.

“It really is finely balanced at around $60,” Gilvary said.

“We are seeing demand impacted by uncertainty over U.S.- China trade tensions,” he said.

Reporting by Ron Bousso, editing by Louise Heavens

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