Crude oil prices were down early Tuesday with China's request for more negotiations before signing phase one of a trade deal with the U.S., further prolonging the 18-month trade war between the world's two largest economies.
International benchmark Brent crude was trading at $58.90 per barrel at 0615 GMT for a 0.54% loss after closing Monday at $59.22 a barrel.
American benchmark West Texas Intermediate was at $53.22 a barrel at the same time for a 0.61% decline after ending the previous session at $53.55 per barrel.
The two countries reached phase one of a trade deal last Friday, when the U.S. agreed not to increase the rate of tariffs on $250 billion of Chinese goods this week, and China agreed to purchase $50 billion worth of American agricultural products.
However, Beijing later reported that it wants to further talk over the details of phase one this month, and requested that Washington cancel another tariff hike that is scheduled for implementation in December.
The first phase of the trade deal is viewed by many analysts as a truce, but as it is still pending, it continues to have a negative impact on the global economy and global oil demand overall.
By Ovunc Kutlu