Oil prices fell on Tuesday as the US announced the blacklisting of more Chinese firms, dampening expectations for a trade deal between the world's two largest economies.
Brent crude fell nearly 1 percent to $57.79 a barrel, while US crude prices dropped 1.1 percent to $52.18 a barrel.
On Monday, the US government said the blacklist would include some of China’s top artificial intelligence startups, ahead of trade-talks in Washington later this week.
Meanwhile, Saudi Arabia’s Council of Ministers, chaired by King Salman bin Abdulaziz al-Saud, reaffirmed on Tuesday the Kingdom’s readiness to meet global oil needs.
Oil futures rose in early morning trading due to unrest in Iraq, OPEC’s second-largest producer, and Ecuador.