Oil Drops From a Six-Week High on Slippery Trade-War Signals
- China wants a deal more than U.S. does, President Trump says
- Oman oil minister says deeper OPEC+ cuts are not in the works
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Oil fell as equity markets faltered on concern chances of a U.S.-China trade settlement are slipping away.
Futures in New York fell 0.7% on Monday. President Donald Trump dashed expectations over the weekend that a trade deal had been reached. Meanwhile, Oman’s oil chief said OPEC and allied producers probably won’t deepen output cuts when they meet next month.