Oil declines, but losses limited as U.S.-China near trade deal

Oil prices slipped on Monday, but held near recent three-month highs amid optimi...

TOKYO - Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed “very shortly”.

A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world’s two largest economies, which has sent shockwaves through markets and roiled global growth. The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand.

U.S. drillers may be anticipating higher prices as well and last week increased the number of their oil rigs by the most in a week since February 2018.

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