Crude oil prices failed to rally on Tuesday's trading start as a result of China's lack of confidence that a successful trade deal will be signed with the U.S.
International benchmark Brent crude was trading at $62.33 per barrel with a slight 0.14% increase after closing Monday at $62.24 a barrel.
American benchmark West Texas Intermediate, on the other hand, was at $56.92 a barrel with a 0.18% decline after ending the previous session at $57.02 per barrel.
Chinese Commerce Ministry Spokesperson Gao Feng said on Nov. 7 that the U.S. and China could roll back some tariffs imposed on each other simultaneously and proportionally before signing a phase one of the trade deal.
U.S. President Donald Trump This debunked this on Nov. 11, when he threatened to "substantially" raise tariffs on China if Beijing does not accept Washington's terms for a phase one deal.
Chinese Vice Premier Liu He was reported to hold a "positive" phone conversation during the weekend with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, according Chinese official state-run Xinhua New Agency on Monday, Nov. 18
Reports from China late Monday circulated by international media outlets also took a more "pessimistic" tone over whether a successful trade agreement with the U.S. is possible amid mixed signals from Washington.
Over the last 19 months, the U.S. has imposed tariffs on $550 billion worth of Chinese imports, while China has reciprocated by implementing tariffs on $185 billion worth of imports from the U.S.
Last month, Trump delayed increasing the rate of tariffs on $250 billion worth of Chinese imports until Oct. 15, while China has provided certain exemptions from soy, pork and some agricultural goods that it imports from the U.S.
By Ovunc Kutlu