Oil drops more than 1% on concern over U.S.-China trade war

Oil prices fell more than 1% on Monday amid concerns over the prospects of a trade deal between the United States and China, while worries about oversupply also weighed on the market.

Brent crude was down 69 cents, or 1.1%, at $61.82 by 0730 GMT. The contract rose 1.3% last week.

U.S. crude was 63 cents, or 1.1%, lower at $56.61 a barrel, having risen 1.9% last week.

U.S. President Donald 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.