Oil declines after significant gains by last week

On Monday morning oil shows a drop - at 10:57 Brent quotes fell 0.12% to $ 65.14, grade WTI - by 0.17% to $ 59.88. Last friday black gold rose significantly (+ 1.6%) on positive news about a trade deal between the United States and China. After Friday's rally, investors rush to fix profit, which caused the current fall. According to Michael McCarthy, Senior Market Strategist, CMC Markets, now the positive news has already been fully played out, and a new incentive is needed for oil prices went up again and overcame the resistance level, writes Reuters. Sunday United States Trade Representative Robert Lighthizer stated that the first part of the trade agreement between Washington and Beijing will be signed in early next month. Previously, both sides announced reaching an agreement on the deal, while the States decided to cancel the increase in duties, which was scheduled for December 15th.