US-China trade deal optimism checks crude oil’s decline
Oil prices edged down on Monday as fears of conflict between the United States and Iran eased, although the decline was checked by the planned signing of an initial U.S.-China trade deal this week, which could boost demand. Brent crude was down 13 cents, or 0.2%, at $64.85 per barrel at 0120 GMT. WTI was also down 9 cents, or 0.2%, at $58.95 a barrel.
Oil prices had surged after the killing of an Iranian commander by a U.S. drone strike and the launch of Iranian missiles in retaliation, but then slumped as the United States and Iran stepped back from the brink of direct conflict.
Global benchmark Brent touched a near four-month high above $70 before ending last week below $65, although the situation in the Middle East remains tense.
