Oil prices were marginally lower in cautious trade on Monday as investors reacted to conflicting signals from the Trump administration over China tariff talks and waited to see how China will support its economy.
Benchmark Brent crude futures slipped 0.1 percent to $65.72 a barrel in early European trade while WTI crude futures were little changed at $63.01.
U.S. Treasury Secretary Scott Bessent said that while he interacted with Chinese counterparts during the International Monetary Fund (IMF) meetings held in Washington last week, the issue of tariffs was not discussed.
Contradicting this, Agriculture Secretary Brooke Rollins, in a television interview, asserted that the U.S. was engaging in "daily conversations" with China regarding the tariff dispute.
Meanwhile, China denied any talks with the U.S. over tariff exemptions, calling out Washington for 'misleading' the public.
Investors now wait for the details of new Chinese stimulus from a key economic policy meeting.
China's finance minister Lan Fo'an said the country will take measures to achieve its annual economic growth target of around 5 percent despite escalating trade tensions.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.