Oil prices fall more than 1% on trade talks uncertainty - Reuters

Oil prices fall more than 1% on trade talks uncertainty - Reuters:

Oil prices fell more than 1% on Monday, erasing much of last week’s gains and tumbling alongside U.S. stocks on uncertainty over a trade deal between the United States and China.

Brent crude futures LCOc1 settled at $62.44 a barrel, down 86 cents, or 1.4%. West Texas Intermediate (WTI) crude CLc1 ended 67 cents, or 1.2%, lower at $57.05 a barrel. Both benchmarks posted their second straight weekly gain last week, with Brent rising 1.3% and WTI up 0.8%.

Wall Street’s three main stock indexes also fell from last week’s record highs following a report that stoked concerns a U.S.-China trade deal might not get through, which pushed oil prices lower, analysts said.

“Crude has become highly reactive to whichever way the wind is blowing in the (U.S.-China) trade talks. When it falters, prices get punished,” said John Kilduff, a partner at Again Capital LLC in New York. “This headwind of slack demand growth keeps holding us back.”