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Oil prices closed lower Monday, reversing earlier gains as hopes of a comprehensive trade agreement with the United States and China cooled and a new survey showed that analysts expected U.S. crude oil inventories to rise last week.
Brent crude fell 2 cents, or 0.03%, to $58.35 a barrel, after hitting a high of $59.68 a barrel. U.S. crude oil futures closed at $52.75 a barrel, down 6 cents or 0.11%, after hitting a high of $54.06.
Hopes for progress in China's trade negotiations with the United States helped to push up oil prices earlier in the day. Us and Chinese officials will meet in Washington on Thursday and Friday to make new efforts to reach an agreement.
But according to twitter of Fawkes news channel, China's Ministry of Commerce said that a trade agreement could be reached between the two sides, but it would set a timetable for more difficult problems to be solved next year. This restrained market expectations of an agreement between the two sides.
"This has cast a shadow over trade negotiations, implying that they do not plan to reach a large-scale agreement," said John Kilduff, partner of Again Capital LLC.
"Earlier today, optimism about the US China trade agreement supported oil prices," said Andy Lipow, President of Lipow Oil Association. "The market is disappointed that a comprehensive trade agreement will not be reached."
Analysts expect U.S. crude oil inventories to rise last week, putting pressure on oil prices, according to a new survey. A preliminary Reuters survey showed that U.S. crude oil stocks could climb for the fourth consecutive week last week, with an estimated increase of 2.6 million barrels.


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