2019.11.1810:04:00UTC+00Crude Oil Prices Flat As Traders Look For Direction

Crude oil prices are little changed Monday morning with traders largely refraining from creating fresh positions as they await more news on the trade front and continue to weigh crude demand and supply situation.

West Texas Intermediate crude oil futures for December were down marginally at $57.69 a barrel.

On Friday, WTI Crude oil futures for December ended up $0.95, or about 1.7%, at $57.72 a barrel.

Renewed optimism about U.S.-China trade deal thanks to positive comments from a couple of U.S. officials, and hopes the OPEC might decide to go in for deeper supply cuts supported crude oil prices on Friday.

OPEC and its allies are set to take a call on output cuts beyond March 2020, when they meet on December 9 in Vienna.

Meanwhile, media reports say China's Vice Premier Liu Hu spoke with US administrative officials over the weekend about a phase-one trade deal.