Oil trims gains as trade concerns resurface
Oil prices rose today the next OPEC meeting this week, but gains were capped due to renewed concerns about trade talks between the US and China.
Trump said the signing of the Hong Kong bill to support protesters doesn’t make the trade talks with China "better."
The US Commerce Secretary in Washington stated the Trump administration might impose tariffs hike against China if no trade agreement was reached.
An agreement between OPEC delegates and independent allied producer is expected this week, during the next meeting in Vienna to discuss the output cut agreement, amid expectations of a deepning cut.
As for trading, West Texas Intermediate rose 1.6% to $56.07 a barrel as of 17:44 GMT, and hit an intraday high of $56.6 and a low of $55.4.
Brent rose 1.2% to $61.2 a barrel, with a high of $62.09 and a low of $60.7.
Dollar falls on trade talk woes
The US dollar fell against most of major currencies during trading hours on Monday, after President Donald Trump's remarks reignited investors' concerns over the trade talks.
Trump said that the US was ready to restore the tariffs on imports from China if no trade deal is reached, and Beijing still wants a trade deal, adding "we'll see what happens in the coming period".
Trump said the bill signing to support protesters in Hong Kong doesn’t make the trade talks with China "better."
The US president emphasized that he decided to impose tariffs on steel imports from Brazil and Argentina.
Trump attributed the decision to Brazil and Argentina manipulation of their currencies' exchange rate, real and peso, against the US dollar.
The dollar index rose against a basket of currencies by 0.4% to 97.8 points as of 19:19 GMT, and hit an intraday high of 98.3 and a low of 97.8.
Britain's manufacturing PMI beats forecasts
At 09:30 GMT, Britain released its final reading for the manufacturing PMI during November at 48.9 points, higher than forecasts of 48.3, and better than the flash reading of 48.3, while October's reading reached 49.6. This data is positive for the British pound.
US manufacturing sector slows in November
The Institute for Supply Management (ISM) showed today that US manufacturing PMI slowed in November.
The ISM Manufacturing PMI in November reached 48.1 points vs. 48.3 in October, lower than forecasts of 49.2.
This comes after doubts over the US-China trade talks were renewed during the last month.