Oil eased back following the biggest weekly increase since June as traders weighed progress between the US and China on trade, and the wider outlook for supply after sanctions on two of Russia’s largest producers.
Brent erased an earlier gain to trade lower after adding more than 7% last week. Top negotiators said they came to terms on a range of points, setting the table for President Donald Trump and counterpart Xi Jinping to finalize a trade deal. The leaders will meet on Thursday.
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