Oil prices ease on scant details of US-China trade deal

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week’s optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3% last week, their first weekly gain in three.

“There is an argument that the oil market trading during U.S. hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand,” said CMC Markets chief strategist Michael McCarthy. “So traders are reluctant to push it further given those very strong gains.”