Brent retreats after 5-session advance

Oil prices were mixed today with US West Texas up on global supply shortage concerns while Brent dipped on profit-taking. 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever.

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

US West Texas inched up 0.1% to $55.6 a barrel, with a session-high at $56.3, and a low at $55.2. 

Conversely, Brent dropped 0.7% to $66.01 a barrel, with a session-high at $66.6, and a low at $65.5.