Oil dips as U.S.-China trade deal hopes fade

* U.S. crude stocks seen rising for 3rd week - survey
* Oil demand growth to slow post-2025 - IEA
* Forecast points to increased fuel efficiency, EVs

By Florence Tan
SINGAPORE, Nov 13 (Reuters) - Oil prices dipped on Wednesday
as prospects for a trade deal between the United States and
China dimmed, weighing on the outlook for the global economy and
energy demand.
U.S. President Donald Trump said on Wednesday that the two
countries were close to finalizing a trade deal, but he fell
short of providing a date or venue for the signing ceremony,
disappointing investors.
Brent crude futures LCOc1 edged down 16 cents, or 0.3%, to
$61.90 a barrel by 0124 GMT, while U.S. West Texas Intermediate
crude CLc1 was at $56.65, down 15 cents or 0.3%.
A forecast by the International Energy Agency's for slower
global oil demand growth post-2025 also weighed on the market.
Global oil demand growth is expected to grow by 1 million
barrels per day on average to 2025 but is forecast to slow to an
average of 100,000 bpd a year from then on as fuel efficiency
improves and more electric vehicles hit the road, the IEA said
in its annual World Energy Outlook for the period to 2040.
Even as production growth in the United States slows from
breakneck pace of recent years, the world's top oil producer
will still account for 85% of the increase in global oil
production to 2030, and for 30% of the increase in gas, the
agency said.
The higher U.S. output pushes down the share of OPEC members
and Russia in total oil production, which is expected to fall to
47% in 2030 from 55% in the mid-2000s.
"The effects have been striking, with U.S. shale now acting
as a strong counterweight to efforts to manage oil markets,"
IEA's Executive Director Fatih Birol said.
In the United States, crude oil inventories were forecast to
have risen for a third straight week last week, while refined
products inventories likely declined, a preliminary Reuters poll
showed on Tuesday. Five analysts polled by Reuters estimated, on average, that
crude inventories rose by around 1.6 million barrels in the week
to Nov. 8.
The American Petroleum Institute (API) is scheduled to
release its data for the latest week at 4:30 p.m. EST (2130 GMT)
on Wednesday, while the weekly report from the U.S. Energy
Information Administration (EIA) is due at 11:00 a.m. EST on
Thursday. API/S EIA/S
Separately, the 590,000 barrel-per-day Keystone oil pipeline
that transports Canadian heavy crude to the United States has
restarted operations following an oil spill two weeks ago, a
U.S. regulator said on Tuesday.