Oil prices slide despite easing Sino-U.S. trade tensions

Oil prices slide despite easing Sino-U.S. trade tensions

Oil prices slid down on Monday in Asia despite easing Sino-U.S. trade tensions.

China’s Office of the U.S. Trade Representative (USTR) said on Friday that Beijing and Washington were close to signing a partial trade deal.

“They made headway on specific issues and the two sides are close to finalizing some of the sections of the agreement,” the USTR said. “Discussions will go on continuously at the deputy level, and the principals will have another call in the near future.”

Despite positive developments, U.S. Crude Oil WTI Futures lost 0.3% by 12:50 AM ET (04:50 GMT), while Brent Oil Futures fell o.7% to $61.60.