UPDATE 5-Oil prices drop as trade war concerns haunt market

* Investors edgy as await China-U.S. trade negotiations
* U.S. crude stocks likely down last week - Reuters poll
* Gazprom Neft's CEO predicts oil prices at $55-$65 in Q1
2020

(Update prices, adds WSJ report)
By Bozorgmehr Sharafedin and Roslan Khasawneh
LONDON/SINGAPORE, Dec 10 (Reuters) - Oil prices slipped for
a second straight day on Tuesday as a slowing global demand
outlook outweighed OPEC's deal with associated producers last
week to deepen output cuts in 2020.
Brent crude LCOc1 was down 11 cents, or 0.2%, at $64.14
per barrel by 1445 GMT, and West Texas Intermediate oil CLc1
was 14 cents, or 0.2%, lower at $58.88 a barrel.
The benchmarks fell 0.2% and 0.3% respectively on Monday.
Last week, the Organization of the Petroleum Exporting
Countries and associated producers like Russia agreed to deepen
output cuts from 1.2 million barrels per day (bpd) to 1.7
million bpd to support prices. However, crude prices have fallen this week as a Dec. 15
deadline for the next round of U.S. tariffs on Chinese imports
loomed over markets.
"Now with OPEC+ meetings out of the way, the market will
likely focus back to trade talk developments, particularly with
the 15 December deadline fast approaching," ING analyst Warren
Patterson said.
U.S. President Donald Trump does not want to implement the
next round of tariffs, U.S. Agriculture Secretary Sonny Perdue
said on Monday - but he wants "movement" from China to avoid
them. Tamas Varga of oil broker PVM said further U.S. tariffs on
Chinese goods "will have a tangible impact both on commodities
and equities, at least in the immediate future."
The Wall Street Journal reported that officials from both
sides were laying the groundwork for a delay of a fresh round of
tariffs. Also the growth rate of China's imports of major commodities
has accelerated in recent months, indicating Beijing's stimulus
efforts may be bearing fruit and that the impact of a trade war
may not be as bad as feared. But investors remained on edge ahead of other events this
week, with the British election on Thursday and U.S. and
European Central Bank meetings.
Gazprom Neft SIBN.MM CEO Alexander Dyukov said on Tuesday
a decision by OPEC and its allies to cut output would help
support oil prices at $55-65 per barrel in the first quarter.
U.S. crude oil inventories were expected to have dipped last
week, while stocks of refined products were seen higher with
gasoline stocks set to rise for the fifth straight week, a
preliminary Reuters poll showed. The American Petroleum Institute (API), an industry group,
is scheduled to release its data for the latest week at 4:30
p.m. EST (2130 GMT) on Tuesday, and the weekly EIA report is due
at 10:30 a.m. on Wednesday.