Oil prices dipped on Monday after U.S. President Donald Trump appeared to downplay reports of an imminent lifting of tariffs in a protracted U.S.-Chinese trade war.
Brent crude was down 87 cents at $61.64 by 1030 GMT. The contract gained 1.3% last week.
U.S. crude was 88 cents lower at $56.36 a barrel, having risen 1.9% last week.
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.
Trump also said there had been incorrect reporting about U.S. willingness to lift tariffs as part of a "phase one" agreement, news of which had boosted markets.
Source : Reuters