Shafaq News/ Oil prices fell on Monday as scant details about the first phase of a US-China trade deal dimmed last week's optimism about a thaw between the two countries that helped push crude markets up to 2 percent.

Brent crude futures fell 25 cents to $ 60.62 a barrel, while US West Texas Intermediate crude futures were at $ 54.45 a barrel, down 25 cents.

Both stocks rose more than 3 percent last week, their first weekly gain in three weeks.

But most of the gains on Friday were made after an Iranian oil tanker was attacked off the Saudi Red Sea coast. Investigations are underway to determine whether the tanker was hit by two missiles, which could reinforce tensions between Tehran and Riyadh if confirmed.

Global financial markets were also supported on Monday by the announcement of the first phase of a trade deal between the United States and China and a goodwill cold from Washington to suspend the threat of tariffs on Chinese products.

But investors remain cautious given limited details about the talks.