Oil Falls as Pessimism Clouds Prospect of Trade War Settlement
- WTI falls 1.2% after ending last week at an eight-week high
- The U.S. EIA sees shale-oil production increasing in December
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Oil fell the most in about two weeks from an eight-week high amid dimming prospects for resolution to the long-running U.S.-China trade war.
Futures dropped 1.2% in New York on Monday. Chinese government officials were reportedly pessimistic about the chances of coming to agreement with American counterparts. Meanwhile, the U.S. government issued a report predicting a production increase from major shale plays next month.