WTI crude oil prices have weakened slightly as traders cautiously await for updates from the OPEC meeting starting later today. At the time of writing, WTI crude oil is trading at around $58.19 per barrel.

On Wednesday, WTI crude oil had gained 4.2% of its value after the API report revealed a greater than expected drawdown in US crude stockpiles. The EIA report released on Wednesday also revealed a sharper decline in US crude inventories. According to the EIA, crude inventories in the US fell 4.9 million barrels lower during the previous week, against expectations for a 1.9 million barrel decline.

However, concerns of possible re-escalation of trade tensions between the US and China and a delay in the trade deal have since weakened crude oil prices. On Tuesday, US President Donald Trump hinted that a resolution of the US-China trade war could be delayed until after next year’s presidential elections.

Although he clarified on Wednesday that negotiations were proceeding well, the uncertainty around the phase one trade deal has risen higher, weighing on crude oil prices once again. Any further delay in signing the partial trade deal will further weaken the demand for oil and turn crude oil prices bearish.