Oil prices fell on Monday, weighed down by concerns about economic growth and signs of ample global supplies.
Global benchmark Brent crude was down 47 cents at $58.95 a barrel by 1153 GMT. US West Texas Intermediate crude oil declined 34 cents to $53.44 a barrel.
US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, hoping to resolve a trade war that has rumbled on over the last year, slowing global economic growth.
But, 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.
“A rebound in upside potential looks unlikely at this stage given that bullish catalysts are in short supply,” said Stephen Brennock of oil broker PVM. Read More
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