Oil prices inched down on Monday in Asia despite positive trade news.
Chinese state media Xinhua reported that Chinese Vice Premier Liu He discussed a partial deal with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer in a phone call on the weekend.
The two sides had “constructive discussions” about “each other's core concerns,” the article said. The USTR confirmed the call took place.
Asian stocks received a boost following the news, but oil prices were little impacted.
U.S. Crude Oil WTI Futures were unchanged at $57.83 by 1:26 AM ET (05:26 GMT), while international Brent Oil Futures slipped 0.1%.
A monthly report from the International Energy Agency (IEA) were cited as a potential catalyst for the selling today. The IEA estimated that non-OPEC supply growth would grow to 2.3 million barrels per day (bpd) next year compared with 1.8 million bpd in 2019.
Source : Investing.com