The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
The U.S. Air Force's top general says he hasn't received direction to send additional bombers to the Middle East after what is believed to be Iranian attacks on Saudi Arabian...Defenseread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses code-named 'Orion', people familiar with the matter told CNBC.Technologyread more
* G20 meeting overshadowed by U.S.-China trade spat
* U.S. crude inventories fall most since September 2016
* OPEC+ meets on Monday-Tuesday to set output policy
* Iraq says OPEC set for rollover, may discuss deeper curb (Adds quotes, Iraq oil minister)
LONDON, June 27 (Reuters) - Oil fell below $66 a barrel on Thursday, weighed down by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite prospects for continued OPEC curbs.
U.S. President Donald Trump said on Wednesday a trade deal with Chinese President Xi Jinping was possible this weekend but he is prepared to impose U.S. tariffs on most remaining Chinese imports if the two countries don't agree.
"It's all about the G20," said Craig Erlam, analyst at OANDA. "It's clear that investors are a little cautious when it comes to this meeting, given how talks collapsed previously and the fighting talk we've since seen from both sides."
Brent crude, the global benchmark, was down 56 cents at $65.93 by 1215 GMT. U.S. West Texas Intermediate crude fell 53 cents to $58.85.
Oil jumped by more than 2% on Wednesday after the latest U.S. petroleum supply report showed a larger-than-expected drop in crude stocks. Inventories fell 12.8 million barrels, which was more than the 2.5 million barrel fall analysts had expected.
Nonetheless, supply remains sufficient in the world's biggest oil consumer.
"U.S. oil inventories remain well above the five-year average, signalling a well-supplied market," said Carsten Menke of Swiss bank Julius Baer. "Demand still looks soft, while the supply situation remains fragile."
Traders said uncertainty over a trade breakthrough at the G20 - which could translate into a stronger oil demand outlook - and doubts about continued output cuts by OPEC and its allies were crimping follow-through buying.
"It would be unwise to be unprepared for a possible scenario where talks descend into disagreements on trade," said Lukman Otunuga, research analyst at FXTM.
"Such an outcome will most likely rattle financial markets as concerns over slowing global growth and sizzling trade tensions fuel risk aversion."
After the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries and allies including Russia meet on Monday and Tuesday to discuss an extension of production cuts to support prices.
Iraq's oil minister said in London OPEC was expected to roll over the deal and discuss deepening the curbs. Iraq is the second country after Algeria to mention the idea of a bigger reduction.
"It has been effective to a certain level to minimise the glut in the market, but there are now ideas or calls for agreeing even more," Oil Minister Thamer Ghadhban said.
(Additional reporting by Aaron Sheldrick; Editing by Jan Harvey and Edmund Blair)