Oil drops as U.S.-China tension escalates

Oil futures edged lower on Monday as rising U.S.-China tensions weighed on market sentiment, but reports that OPEC and Russia were close to a deal extending output buoyed prices.

Brent futures LCOc1 fell 37 cents, or 1%, to $37.47 a barrel by 11:10 a.m. (1510 GMT). U.S. crude CLc1 fell $1.02, or 2.9%, to $34.47 a barrel.