Oil falls more than 2% on U.S.-China trade deal doubts, stronger dollar - Reuters

Oil falls more than 2% on U.S.-China trade deal doubts, stronger dollar - Reuters:

Oil prices lost about 2% on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil prices also felt pressure as the U.S. dollar .DXY, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain’s exit from the European Union attracted safe-haven investments.

Brent crude LCOc1 settled at $59.35 a barrel, shedding $1.16, or 1.92%, while U.S. West Texas Intermediate (WTI) crude CLc1 settled at $53.59 a barrel, losing $1.11, or 2.03%.