Oil eased in Asian trading Monday after President Donald Trump said trade talks with Beijing were progressing, while casting doubt on how far the White House was prepared to bend in removing tariffs.
Brent crude futures were down 0.3%, after rising 0.4% on Friday. The global crude benchmark gained 1.3% over the past week. Trump said Saturday that negotiations with China are moving along “very nicely,” and said the leaders in Beijing wanted a deal “much more than I do.” He also described as “incorrect” reports about how much the U.S. was ready to roll back tariffs on China.
Brent for January settlement was down 21 cents at $62.30 a barrel on the London-based ICE Futures Europe Exchange as at 10:18 a.m. Sydney time.
Jan. Brent rose 22 cents to end Friday $62.51 a barrel.
WTI for December delivery lost 13 cents to $57.11 a barrel on the New York Mercantile Exchange. It rose 9 cents Friday to settle at $57.24.