Oil edges lower as US-China trade row weighs

LONDON, Aug 27 (Reuters): Oil prices fell on Monday on concerns the US-China trade dispute will erode global economic growth, and ahead of a conference call between members of a committee monitoring an OPEC and non-OPEC deal on output cuts.
International Brent crude oil futures were at $75.49 per barrel at 0956 GMT, down 33 cents from their last close.
US West Texas Intermediate (WTI) crude futures were down 32 cents at $68.40 a barrel.
Trading activity was limited due to a public holiday in Britain, traders said.
"Falling US rig counts and last week's decline in US inventories are supporting oil prices amid a protracted US-China trade war that could dampen global growth and weigh on oil demand," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.
US energy companies cut nine oil drilling rigs last week, taking the total to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said on Friday.
Members of an OPEC and non-OPEC ministerial monitoring committee were due to hold a conference call on Monday to discuss progress on their production curbs agreement.
The Organisation of the Petroleum Exporting Countries and other producers led by Russia agreed in June to return to 100 per cent compliance with oil output cuts that began in January 2017.
This follows months of underproduction by Venezuela and others producers which cut output by 160 per cent of the agreed target.
Compliance in July reached 126 per cent, according to Reuters calculations.
UBS analyst Giovanni Staunovo said he expected a statement from the committee saying "the group appreciates that the overcompliance has been reduced, but reiterates that it is important to prevent an oversupplied oil market".
The committee groups Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.