* Trump official denies report on interim China trade deal -CNBC * No discussion of deeper OPEC+ cuts before December -Saudi * ECB cuts rates to prop up sluggish euro zone growth * U.S. briefly overtakes Saudi Arabia as top oil exporter -IEA * IEA says balancing market in 2020 will be "daunting" (Updates prices to settlement; adds comments) By Laila Kearney NEW YORK, Sept 12 (Reuters) - Oil prices fell about 1% on Thursday after a media report cast doubt on the possibility of an interim U.S.-China trade deal and as a meeting of the OPEC+ alliance yielded no decision on deepening crude supply cuts. Oil was pressured further after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth.
urn:newsml:reuters.com:*:nL5N2622PABrent crude LCOc1futures settled at $60.38 a barrel, shedding 43 cents, or 0.71%. WTI crude CLc1futures settled at $55.09 a barrel, losing 66 cents, or 1.18%. Oil futures extended losses after a senior White House official denied a Bloomberg News report that the United States was considering a temporary trade agreement with China, according to CNBC. urn:newsml:reuters.com:*:nL2N2630Y0Earlier, prices had been supported on news that the world's two largest economies made some concessions in their protracted trade war. urn:newsml:reuters.com:*:nL3N2621DV urn:newsml:reuters.com:*:nB9N25O041"We had a lot of moving parts. We came in with the ECB, then we saw the U.S was going to reach some kind of interim agreement with China, then they ended up saying they're not," said Phillip Streible, senior commodities strategist at RJO Futures in Chicago. "Now we're just back-pedaling and cautiously waiting for the next development in the market, whether it be from economic data, more verbiage from OPEC, and we’re still going to monitor inventories as a whole." Oil prices also stumbled after comments from Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not be decided upon before a meeting of the Organization of the Petroleum Exporting Countries planned for December. urn:newsml:reuters.com:*:nL5N26315AA Thursday meeting of the market-monitoring committee formed by the Organization of the Petroleum Exporting Countries and its allies, whose de facto leader is Saudi Arabia, yielded a promise to keep countries within the production quotas they committed to in a global supply deal. urn:newsml:reuters.com:*:nL5N25T0KO urn:newsml:reuters.com:*:nL5N25Q2KL OPEC/OA statement from OPEC and its allies, a grouping known as OPEC+, said oil stocks in industrial countries remained above the five-year average. Oman's energy minister said "the outlook is not very good for 2020." urn:newsml:reuters.com:*:nS8N1YC00NPrince Abdulaziz said Saudi Arabia would keep cutting by more than it pledged in the pact, which has throttled supply from OPEC+ by 1.2 million barrels per day. Also feeding the bearish sentiment, the International Energy Agency said surging U.S. output would make balancing the market "daunting" in 2020. urn:newsml:reuters.com:*:nL5N2631IW"Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter ... in June, after crude exports surged above 3 million bpd," the agency, which advises industrial economies on energy policy, said in its monthly report. The Paris-based IEA kept its oil demand growth forecasts for this and next year at 1.1 million barrels per day and 1.3 million barrels per day, respectively. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: U.S. crude oil inventory levels https://tmsnrt.rs/2Ino7XUGRAPHIC: U.S. petroleum stocks, weekly changes https://tmsnrt.rs/2XlX17bCHART: U.S. oil may fall to $54.83 per barrel urn:newsml:reuters.com:*:nL3N2630SPCHART: Brent oil may retest support at $60.62 urn:newsml:reuters.com:*:nL3N2630O0^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> ( Reporting by Laila Kearney in New York Additional reporting by Shadia Nasralla in London and Aaron Sheldrick in Tokyo Editing by Matthew Lewis and Leslie Adler) ((Laila.email@example.com +1 (917) 809-0054))
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