Oil prices ease on scant details of US-China trade deal

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week’s optimism over the thaw that helped to lift crude markets by 2%. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while U.S. West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3% last week, their first weekly gain in three. “There is an argument that the oil market trading during U.S. hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand,” said CMC Markets chief strategist Michael McCarthy.

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