Oil falls 1% as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters

Oil falls 1% as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters:

Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.

Brent crude lost 64 cents, or 1.1%, to settle at $58.70 a barrel, after hitting a session high of $60.17.

U.S. West Texas Intermediate (WTI) crude futures settled 53 cents, or 1%, lower at $53.64 a barrel.

Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.