(RTTNews) – Crude oil prices showed a lack of direction during Monday’s trading day, following a slight decline seen during last Friday’s session.
Crude for December delivery moved higher at the start of the session, but declined as the day wore on and is currently near the unchanged line at $61.42 per barrel, down $0.08 or 0.1 percent.
Crude oil jumped last week on news of sanctions on Russian oil giants Rosneft and Lukoil after falling at the start of the month amid substantial volatility seen over the past few weeks.
Crude oil rose early in the session amid optimism about a potential US-China trade deal ahead of a highly anticipated meeting between President Donald Trump and his Chinese counterpart Xi Jinping later this week.
Treasury Secretary Scott Besant met with Chinese officials in Malaysia over the weekend and said he believed the talks resulted in a “very successful framework” for Trump and Xi to discuss on Thursday.
Besant also indicated she expected China to resume purchasing US soybeans and delay export controls on rare earths that have contributed to the recent rise in tensions.
While visiting Japan, Trump also expressed optimism about reaching a trade deal with China after signing separate trade and minerals agreements with his Malaysian and Cambodian counterparts.
However, buying interest waned during the session, as concerns about the energy demand outlook remain on investors’ minds.
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