Oil falls due to caution over first phase of U.S.-China trade deal - Reuters

Oil falls due to caution over first phase of U.S.-China trade deal - Reuters:

Oil prices fell on Monday as scant details about the first phase of a trade deal between the United States and China undercut optimism over a U.S.-Sino thaw that had helped lift crude markets by 2% at the end of last week. 

Brent crude LCOc1 fell 46 cents to $60.05 a barrel by 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 40 cents at $54.30 a barrel. Both were down 0.7%.

Late on Friday, the United States and China outlined the first stage of a trade deal and suspended this week’s scheduled U.S. tariff hikes. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed.