Oil prices were down on Monday in Asia, after surging late last week, as traders are becoming more sceptical on whether the “phase one” trade deal the U.S. and China agreed on Friday would lead to a quick recovery in oil demand.
U.S. Crude Oil WTI Futures lost 0.6% to $54.39 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures also fell 0.5% to $60.22.
Washington and Beijing reached a partial trade deal late last week. The U.S. will not be imposing more tariffs on Chinese goods this week as previously planned, while China promised it will buy more U.S.-made agricultural products.
Oil prices surged the most in almost a month on Friday following the news, buoyed by hopes that oil demand would pick up as tensions between the world’s biggest oil importers eased.
Source : Investing.com