Oil prices fall as US-China trade crisis eases

Oil prices eased on Tuesday from a two-week high, weighed down by concerns about rising supplies, despite earlier optimism over the pause in the U.S.-China trade war after both countries temporarily cut tariffs.

Brent crude futures dropped 22 cents, or 0.3%, to $64.74 per barrel by 0248 GMT. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.3%, to $61.77.

Both benchmarks closed about 1.5% higher on Monday at their steepest settlements since April 28. The gains come during a turbulent time for global oil markets. – Reuters