* U.S.-China talks face March 1 deadline of re-imposed tariffs * OPEC+ cuts aim to balance supply and demand * Oil market to reach balance in Q1 -UAE energy minister (Updates with settlement prices, adds market activity, commentary) By Stephanie Kelly NEW YORK, Feb 11 (Reuters) - Oil prices edged lower on Monday as worries surrounding the resumption of U.S.-China trade talks overshadowed support from OPEC-led supply restraint. Brent crudeLCOc1 futures lost 59 cents, or 0.95 percent, to settle at $61.51 a barrel. U.S. West Texas Intermediate (WTI) crudeCLc1 fell 31 cents, or 0.59 percent, to settle at $52.41 a barrel. Trade talks between the United States and China resumed with working-level discussions before high-level discussions later in the week.urn:newsml:reuters.com:*:nL3N20614C Beijing, however, expressed anger at a U.S. Navy mission through the disputed South China Sea. This cast a shadow as the two countries try to reach a deal before the March 1 deadline when U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent. On Thursday, U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before the March 1 deadline, dampening hopes of a quick trade pact.urn:newsml:reuters.com:*:nL3N206035 urn:newsml:reuters.com:*:nL1N2030ZH Escalating U.S.-China trade tensions have cost both countries billions of dollars and disrupted global trade and business flows, roiling financial markets. "There's a lot of uncertainty about what's going on with this trade war, whether they're going to get anything done," said Phil Flynn, oil analyst at Price Futures Group in Chicago. "You've got concerns about slowing growth." A rising U.S. dollar also weighed on oil futures. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies. "Until some dollar weakness begins to develop, the complex could have difficulty advancing much this week even allowing for some supportive elements out of an upcoming slew of energy releases," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. Still, oil prices have been buoyed this year by output curbs from the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+. The deal, effective from January, aims to cut 1.2 million barrels per day until the end of June to forestall a supply overhang. Suhail Al Mazrouei, the energy minister of the United Arab Emirates, said on Monday the oil market should achieve this balance in the first quarter of 2019.urn:newsml:reuters.com:*:nL5N2062KS OPEC and its allies meet on April 17 and 18 in Vienna to review the agreement, but a draft cooperation charter seen by Reuters fell short of a new formal alliance among the producers.urn:newsml:reuters.com:*:nL5N2063SK U.S. sanctions on Venezuela, along with older sanctions on fellow OPEC member Iran, have also prevented crude prices from falling further.urn:newsml:reuters.com:*:nL1N2031Z8 Venezuela President Nicolas Maduro has sought OPEC support against the sanctions, citing their impact on oil prices and potential risks for other members of the producer group.urn:newsml:reuters.com:*:nL5N20649T The country also wants to double its oil sales to India and is open to barter payment arrangements with the world's third-biggest crude consumer, Venezuelan Oil Minister Manuel Quevedo said on Monday.urn:newsml:reuters.com:*:nL3N2062D1 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: U.S. oil production & drilling levelshttps://tmsnrt.rs/2Tm4u4I ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Stephanie Kelly; Additional reporting by Noah Browning in London and Henning Gloystein in Singapore; Editing by Andrea Ricci and Lisa Shumaker) ((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.
Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.
Latest News

ReutersUS STOCKS-Wall Street rallies on trade optimism
ReutersUS STOCKS SNAPSHOT-Wall Street rallies on trade hopes
ReutersUPDATE 11-Oil rises over 2 pct to 2019 highs on tightening supplies
ReutersFOREX-Dovish Fed talk sends dollar lower, euro recovers
ReutersPRECIOUS-Gold scales 2-week peak; palladium matches record high
ReutersUS STOCKS-Wall St rallies on U.S.-China trade optimism
ReutersUS STOCKS-Wall St gains on U.S.-China trade optimism; Trump declares emergency
ReutersUPDATE 3-FTSE 100 rallies as trade talks progress; share sale hits Standard Life
ReutersUPDATE 3-Trade talk, bank support hopes send European shares to three-month highs
ReutersUS STOCKS-Wall St gains as trade talks advance; Trump to declare emergency