Crude Oil Prices Drop

Oil prices lost some ground this morning and retreated from  near three-month peaks. This is effect of the possible trade deal between the United States and China, which is likely to stimulate economic activities.

Now, oil trades at $60.14, which is an addition of $0.38 or 0.63% from the previous close of $ 59.76.

The daily range is from $59.74 to 60.18, while the trading volume is 53.14K.

Washington and Beijing entered into a new phase after dropping some pressure on the trade tensions on Friday. The two super powers reported a "phase one" agreement that reduces some U.S. tariffs on Chinese imports to the U.S. The projected value of this is for around $160 billion that the United States was set to impose over the weekend.

Moreover, numbers from China on Monday that showed industrial output and retail sales growth accelerating more than expected in November did offer some support for oil prices.