UPDATE 10-Oil dips as demand concerns counter U.S.-China trade hopes

* Brent crude posts first weekly loss in five
* China to exempt U.S. pork, soybeans from additional
tariffs
* IEA, OPEC see oil surplus in 2020
* U.S. oil drillers cut rigs for 4th week in a row -Baker
Hughes

(Adds CFTC data)
By Stephanie Kelly
NEW YORK, Sept 13 (Reuters) - Oil prices edged lower on
Friday and posted weekly losses, as concerns about slower global
economic growth outweighed hints of progress in the U.S.-China
trade dispute.
Brent crude LCOc1 futures fell 16 cents to settle at
$60.22 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
futures delivery fell 24 cents to end at $54.85 a barrel.
Brent fell 2.1% for the week, its first decrease in five
weeks. WTI lost about 3% loss for the week, its first decrease
in three weeks.
The world's two largest economies have been making
conciliatory gestures as they prepare for new talks.

China will exempt some U.S. agricultural products from
additional tariffs, China's official Xinhua News Agency said.
Oil prices, however, remained under pressure by concern
about a weaker demand outlook.
"Oil appears to be suggesting that global economic growth
has already been impacted by the tariffs while other markets
such as the equities appear more focused on future progress,"
Jim Ritterbusch, president of Ritterbusch and Associates, said
in a note.
Both the Organization of the Petroleum Exporting Countries
and the International Energy Agency (IEA) this week said oil
markets could end up in surplus next year, despite a pact by
OPEC and its allies to limit supplies that is largely being
offset by growing U.S. production.
U.S. energy firms this week reduced the number of oil rigs
operating for a fourth week in a row, cutting five rigs this
week and bringing the total down to 733, the lowest since
November 2017, General Electric Co's GE.N Baker Hughes energy
services firm said. RIG-OL-USA-BHI RIG/U
Brent prices have risen about 12% so far in 2019, helped by
the deal between OPEC and allies, known as OPEC+, to cut output
by 1.2 million barrels per day.
An OPEC+ monitoring committee this week secured pledges from
OPEC members Nigeria and Iraq to deliver their share of the cut,
something they have failed to do so far, but so far the group
has not decided to deepen the curbs. Some OPEC delegates say the idea of a larger cut for next
year is gaining support, though Saudi Arabia's new energy
minister said talks on that issue would be left until the next
OPEC+ meeting in December.
But "if the U.S.-China trade deal is sealed, they may have
to raise production, not cut," said Phil Flynn, an analyst at
Price Futures Group in Chicago, in a note.
Hedge funds and other money managers its combined futures
and options position in New York and London by 30,249 contracts
to 209,549 in the week to Sept. 10, the U.S. Commodity Futures
Trading Commission (CFTC) said on Friday. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
GRAPHIC: IEA marine fuel demand https://tmsnrt.rs/2AePjSE
CHART: U.S. oil neutral in $54.64-$55.61 range Brent oil neutral in $59.83-$60.76 range ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>