WASHINGTON (dpa-AFX) - Following the modest pullback seen during last Friday's session, the price of crude oil has shown a lack of direction over the course of the trading day on Monday.
Crude for December delivery moved to the upside early in the session but gave back ground as the day progressed and is currently lingering near the unchanged line, down $0.08 or 0.1 percent at $61.42 a barrel.
The choppy trading on the day comes on the heels of the substantial volatility seen over the past few weeks, with crude oil surging last week on news of sanctions targeting Russian oil giants Rosneft and Lukoil after plunging earlier in the month amid concerns about demand.
Crude oil moved to the upside early in the session amid optimism about a potential U.S.-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 Bessent met with Chinese officials in Malaysia over the weekend and said he believes the talks have resulted in a 'very successful framework' for Trump and Xi to discuss on Thursday.
Bessent also indicated he expects China to resume its purchases of U.S. soybeans and delay the export controls on rare earths that contributed to the recent increase in tensions.
On his way to Japan, Trump also expressed optimism about reaching a trade deal with China after signing separate trade and mineral agreements with his Malaysian and Cambodian counterparts.
Buying interest waned over the course of the session, however, as concerns about the outlook for energy demand continue to weigh on investors' minds.
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