13.07.202010:42:00UTC+00Oil Prices Dip Amid Virus Surge

Oil prices declined on Monday, with rising tensions between the United States and China and a continued surge in Covid-19 infections in the U.S. weighing on markets.

Traders also await an OPEC technical meeting this week, which could outline plans to begin scaling back the historic output cuts.

Benchmark Brent crude fell 57 cents, or 1.3 percent, to $42.67 a barrel, while U.S. crude futures were down 70 cents, or 1.7 percent, at $39.87 a barrel.

"The relationship with China has been severely damaged. I don't think about it now," U.S. President Donald Trump told reporters on Friday from Air Force One when asked about the second phase trade deal.

The relationship between the two countries has been severely damaged with Beijing's handling of the coronavirus outbreak.

The Chinese government today announced sanctions against US officials, including the Republican senators Marco Rubio and Ted Cruz, in response to Washington's sanctions against senior Chinese officials.

U.S. Covid-19 infections surged over the weekend, with Florida surpassing the 15,000 mark of new cases on Sunday, a record for any state.

OPEC's Joint Ministerial Monitoring Committee will meet on Tuesday and Wednesday to recommend levels for future supply cuts.