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Nov. 11, 2019, 2:37 p.m. EST

U.S. oil prices sink 0.7% amid worries of China trade progress

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By Mark DeCambre

Oil futures settled lower Monday as recent developments in Sino-American trade negotiations reignited some fears about demand for energy assets in the face of a prolonged tariff scuffle. West Texas Intermediate crude for December delivery , the U.S. benchmark, fell 38 cents, or 0.7%, to end at $56.86 a barrel. President Donald Trump on Saturday said negotiations between China and the U.S. toward a partial trade deal, referred to as phase one, were going "very nicely" but he said recent reports about an agreement to eliminate tariffs in stages weren't accurate and emphasized that he believes Beijing needs a deal more than Washington. The comments raised questions about a near-term trade deal, with trade one of the bigger drivers of crude prices outside of supply-demand factors.

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