2019.11.1109:24:00UTC+00Oil Prices Fall On Trade Deal Concerns

Oil prices fell more than 1 percent on Monday amid worries about oversupply and slowing global growth. Uncertainty over U.S.-China trade deal also weighed on the commodity.

Benchmark Brent crude dropped 1.1 percent to $61.83 a barrel, after climbing 1.3 percent last week. U.S. crude futures were down 1.3 percent at 56.49 per barrel, after having risen nearly 2 percent last week.

Inflation data from China brought slowdown fears to the fore. While China's consumer price index grew at its fastest pace in about eight years, a measure of producer prices fell the most in more than three years in October, underscoring the problem of moderating demand.

Japan's machinery orders fell for a third straight month in September, raising doubts over whether the recent strength in capital goods shipments would last.

Elsewhere, the U.K. dodged a recession despite seeing the biggest year-on-year slowdown in nearly a decade.

On the trade front, new doubts emerged about the partial U.S-China trade deal after U.S. President Donald Trump denied agreeing to roll back tariffs on China.

Trump also said that talks with China had moved more slowly than he would have liked and that China very much wants to make a deal.