2019.12.1609:31:00UTC+00Oil Holds Steady As Investors Await Trade Deal Details

Oil prices were little changed in cautious trade on Monday after hitting near three-month highs last week following the announcement of the U.S.-China 'phase one' trade deal.

Benchmark Brent crude edged up marginally to $65.23 a barrel, while West Texas Intermediate crude futures were virtually unchanged at $59.97 a barrel.

The trade agreement includes suspending planned tariffs on Chinese goods as well as scaling back existing tariffs in exchange for Chinese structural reforms and purchases of U.S. goods.

However, the office of U.S. Trade Representative Robert Lighthizer said a 25 percent tariff on approximately $250 billion worth of Chinese goods will remain in place.

President Donald Trump called the phase one deal an "amazing deal for all" and said negotiations on a phase two deal would be begin "immediately, rather than waiting until after the 2020 election."

Some investors are still waiting for more clarity about the finer details of the deal, especially from the Chinese side. The Chinese government has made no specific commitments regarding the volume of farm inputs they would be purchasing.