Brent oil slips below $59

Oil prices slipped this morning as ongoing Sino-U.S. trade war sparked concerns over demand.

WTI futures slipped 0.1% to $53.59 by 08:16 Moscow Time (05:16 GMT). International Brent also slipped 0.1% to $58.86.

The U.S. labelled China as a "currency manipulator" earlier this week. While reports suggested that the labelling is merely symbolic, some analysts said the move could lead to a scaling up of the trade war and harsher impacts on global economic growth, Investing.com reported.

In other news, weekly data from the American Petroleum Institute showed U.S. crude inventories fell by 3.4 million barrels in the week ended Aug.2 to 439.6 million barrels.