UPDATE 2-Australia's Woodside aims to hit go on $11 bln gas project in early 2020, page-98

Oil prices fall 1% as global demand concerns grow

Oil prices fell nearly 1% on Monday after comments from a U.S. official fed concerns surrounding the U.S.-China trade war, adding to worries that a slowing global economy would reduce demand for oil. Brent crude LCOc1 futures fell 46 cents, or 0.8%, to settle at $58.96 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 47 cents, or 0.9%, to settle at $53.31 a barrel. Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November's APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month. "The key thing is to get everything right that we do sign. That's the important element. That's what the president is wedded to," Wilbur Ross said, after being asked if he would mind skipping an APEC signing. U.S. Trade Representative Robert Lighthizer told reporters that the administration's target is still to finish phase one by the time the APEC meetings take place in Chile on Nov. 16 and 17. He added there are outstanding issues to resolve. Adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed. "The complex remains trapped in a tight trading range amidst an ongoing tug of war between the supportive influence of a steady equity trade and the bearish influence of continued concerns over a major trade war that could force further slowing in global economic growth," Jim Ritterbusch, president of Ritterbusch and Associates, said in a report.