Oil prices fell more than 1% on Monday amid concerns over the prospects of a trade deal between the United States and China, while worries about oversupply also weighed on the market.
Brent crude was down 69 cents, or 1.1%, at $61.82 by 0730 GMT. The contract rose 1.3% last week.
U.S. crude was 63 cents, or 1.1%, lower at $56.61 a barrel, having risen 1.9% last week.
U.S. President Donald Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right one for America. The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.
https://www.reuters.com/