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Oil prices fell more than 1% on Monday, erasing most of last week's gains, following the decline in US stocks as uncertainty reignited over whether China and the US could reach a trade agreement.
Brent crude oil futures closed at $62.44 a barrel, down $0.86, or 1.4%. US crude oil futures closed down $0.67, or 1.2%, at $57.05 a barrel. Crude oil futures in both indexes rose for the second consecutive week last week, with Brent crude up 1.3% and US crude up 0.8%.
The three major Wall Street indexes also fell from their record highs hit last week after reports that the US China Trade Agreement may not be reached pushed down oil prices, analysts said.
"The oil price has become very sensitive to the US China trade consultation. No matter which direction the consultation is going, the oil market will have a fierce response. When the consultation is blocked, the oil price will be hit hard," said John Kilduff, partner of agricultural capital LLC, adding that "the weak demand growth has been dragging the oil market behind."
The 16 month trade war between the world's two largest economies slowed global economic growth, prompting analysts to lower their expectations for the growth of crude oil demand and raising concerns about possible oversupply in 2020.

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