By Noah Browning
LONDON (Reuters) - Oil prices fell about 1 percent on Thursday as no clear signs of a resolution emerged from U.S.-Chinese trade talks and official data again highlighted vast fuel stocks in the United States.
Brent crude was down nearly 1 percent, or 60 cents, to $60.84 per barrel at 1400 GMT. U.S. crude was at $51.65 per barrel, down 71 cents or 1.4 percent.
Both benchmarks rose by around 5 percent the previous day, capping off a week-long climb that marked oil's longest sustained rise since last summer.
But the upbeat mood was dampened after the two sides each issued only mildly positive statements that lacked concrete details, helping end a four-day rally in share markets and pushing the U.S. dollar to a near three-month low.
The bank now expects Brent to average $61 a barrel this year, down from a previous estimate of $69, and U.S. crude to average $54, against a prior forecast of $60.
The main source of new supply is the United States, where crude oil production remained at a record 11.7 million barrels per day in the week ended Jan. 4, the Energy Information Administration said on Wednesday.
Rising output has led to swelling fuel inventories, and has countered efforts led by the Organization of the Petroleum Exporting Countries to cut supply and rein in an emerging glut.
"We believe it is just a question of time that the actual or perceived supply/demand balance that includes stock level, production data as well as demand figure, will take over," said Tamas Varga of PVM Oil Associates.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)