Oil Extends Loss as Trade Negotiations Intensify Before Deadline

Oil fell for a third session as talks between the US and its trading partners gain urgency ahead of next week’s deadline.

West Texas Intermediate crude fell 1.5% to settle near $66 a barrel as risk-on sentiment faded, and oil traders rolled over positions ahead of the August contract’s expiration on Tuesday, adding to volatility. Investors also honed in on discussions between European Union and US negotiators as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc’s exports with 30% tariffs.