Brent retreats for second straight day, gives up 2-month peak

Brent crude deepend its losses as the US market opened on Monday for the second straight day, giving up the 2-month high it hit on Friday on profit-taking, but prices are expected to rebound due to renewed hopes about the US-China trade deal.

Brent crude fell to $63.20 a barrel, after it opened at $63.52, and hit a session-high of $63.78.

Brent futures lost 0.2% on Friday, to post the first daily loss in 3 days, after posting earlier a 2-month high of $64.24.

Global oil prices gained 0.5% last week, and posted the third straight weekly gain, buoyed by OPEC Plus measures to balance the market, and positive news about US-China trade talks.

The US National Security Adviser, Robert O'Brien, said on Saturday that a trade agreement with China can be secured before the end of this year.

President Trump stressed on Friday his desire to sign the "phase one" trade deal to defuse the ongoing trade war with China that has been running for almost 16 months.

Chinese President Xi Jinping also stated his similar desire but said China will not shy away from retaliation to any trade threats from the US if necessary.