Oil prices dipped yesterday as traders’ squared positions ahead of a meeting by the Organisation of Petroleum Exporting Countries and its allies (OPEC+).

The price fall was also attributed to some caution about a potential de-escalation of the trade dispute between China and the United States.

According to Reuters, Brent crude futures fell by 56 cents, or 0.9%, to trade at $61.57 a barrel while U.S. West Texas Intermediate crude futures dipped by 61 cents, or 1%, to trade at $58.63 a barrel. It stated that for the week, Brent and WTI were on track for 7% decline, the biggest weekly drop in a month.

Reuter also quoted the China’s Commerce Ministry as having said that Beijing was evaluating a proposal from Washington to hold talks aimed at addressing U.S. President Donald Trump’s sweeping tariffs, signalling a possible easing of the trade tensions that have rattled global markets.

Group Head of Research at Onyx Capital Group, Harry Tchilinguirian, said: “There is some optimism when it comes to U.S.-China relations but the signs are only very tentative. It’s still very fluid, a one step forward, two steps back situation when it comes to tariffs.”