WASHINGTON (dpa-AFX) - Following the surge seen over the final two sessions of last week, the price of crude oil pulled back sharply during trading on Monday.
Crude for May delivery plunged $1.60 or 2.5 percent to $63.08 a barrel after soaring $3.35 or 5.5 percent to $64.68 last Wednesday and Thursday.
The steep drop by the price of crude oil came amid reports of progress in negotiations between the U.S. and Iran, with a third round of talks about Iran's nuclear program set for later this week.
A senior administration official told Fox News that 'very good progress' had been made during the talks in Rome over the weekend.
Iranian Foreign Minister Abbas Araghchi also said in a post on X that the talks made 'progress on principles and objectives of a possible deal' but warned that 'optimism may be warranted but only with a great deal of caution.'
Lingering concerns about a global trade war also weighed on oil prices as traders await signs of progress from President Donald Trump's trade talks.
Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.
A spokesman for China's Ministry of Commerce was asked to respond to reports the Trump administration is preparing to put pressure on other countries to restrict trade with China in exchange for U.S. tariff exemptions.
'If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner,' the spokesman responded, according to a Google translation. 'China is determined and capable of safeguarding its own rights and interests.'
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