Oil prices on Monday slid off near three-month highs hit last week as investors searched for clarity beyond the initial impact of a trade deal between the United States and China that’s expected to boost flows between the top two global economies. Brent crude oil futures (LCOc1) fell 22 cents, or 0.3% to $65.00 a barrel by 0400 GMT, while West Texas Intermediate crude (CLc1) was down 23 cents or 0.4% to $59.84 a barrel.
The United States and China cooled long-simmering trade tensions on Friday, announcing a “phase one” agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
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