Oil fell after surging the most in almost a month on Friday on signs investors are skeptical that progress in U.S.-China trade talks will lead to a quick recovery in demand.
Futures in New York dropped as much as 0.7% after closing up 2.2% in the previous session. Washington and Beijing reached a partial trade deal last week, and are aiming for a more comprehensive agreement before the end of the year. An attack on an Iranian crude tanker in the Red Sea on Friday also ratcheted up tension in the Middle East and contributed to price gains.
WTI for November delivery dropped 24 cents, or 0.4%, to $54.46 a barrel on the New York Mercantile Exchange as of 9:52 a.m. in Singapore. It advanced $1.15 on Friday, capping a weekly gain of 3.6%.
Brent crude for December settlement fell 25, or 0.4%, cents to $60.26 a barrel on the ICE Futures Europe Exchange after climbing 2.4% on Friday. The global benchmark traded at a $5.75 premium to WTI for the same month.
Source : Bloomberg