Oil dips amid record US exports, but trade optimism supports

Oil prices dipped on Monday, dragged down by plentiful supply as U.S. exports soar and compete with traditional producers from the Middle East in key markets such as Asia.

But markets were supported by optimism that Washington and Beijing would soon resolve a series of trade disputes that have dented global economic growth, analysts said.

International Brent crude oil futures were at $67 a barrel at 0712 GMT, down 12 cents, or 0.2 percent, from their last close. They ended Friday little changed after touching their highest since Nov. 16 at $67.73 a barrel.

 

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