WASHINGTON (dpa-AFX) - Crude oil futures failed to hold early gains and settled weak on Monday, extending losses to a fourth successive session.
Oil prices moved higher earlier in the day amid renewed optimism about resumption of trade talks between the U.S. and China.
However, speculation that oil supply from Iran could rise weighed on crude prices.
According to reports, French President Emmanuel Macron announced that preparations were on for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
West Texas Intermediate crude oil futures for October ended down $0.53, or about 1%, at $53.64 a barrel.
On Friday, WTI crude futures for October West Texas Intermediate Crude oil futures for October ended down $1.18, or about 2.1%, at $54.17 a barrel, after falling to a low of $53.26 a barrel.
Speaking to reporters on the sidelines of the G-7 summit, U.S. President Donald Trump said that top Chinese officials had called asking for the resumption of trade talks.
'China called, last night, our top trade people, and said, 'Let's get back to the table.' So, we'll be getting back to the table. And I think they want to do something,' Trump said.
'They've been hurt very badly, but they understand this is the right thing to do. And I have great respect for it. I have great respect for it. This is a very positive development for the world,' he added.
However, Chinese Foreign Ministry spokesman Geng Shuang said he was not aware of any call between U.S. and Chinese officials and Trump refused to provide details.
Chinese Vice Premier Liu He, who has been leading the talks with Washington, said China was willing to resolve the dispute through 'calm' negotiations and opposed any increase in trade tensions.
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