Oil drops more than 1 per cent on concern over US-China trade war

An oil pumpjack is seen in La Canada de Urdaneta, Venezuela October 1, 2019. Picture taken October 1, 2019. [REUTERS/Jose Nunez]

Oil prices fell more than 1 per cent on Monday amid concerns over the prospects of a trade deal between the United States and China, while worries about oversupply also weighed on the market.

Brent crude was down 69 cents, or 1.1 per cent, at $61.82 by 0730 GMT. The contract rose 1.3 per cent last week.