Oil prices edged up on Monday as the dollar lost ground while investors await the results of US-China trade talks in London in hopes of reaching a deal that would boost global economic performance and fuel demand.
Brent futures rose 44 cents, or 0.7% to $66.91 a barrel, while US West Texas rose 59 cents, or 0.9% to $65.17.
Brent rose 4% last week, while US crude rose 6.2% on a surging risk appetite amid hopes for US-China trade talks.
Earlier today in London, The US and China started new trade talks following the crucial Trump-Xi phone talk last week, which helped accelerate the momentum of negotiations between both sides.
However, the prices remain under pressure after data showed Chinese exports fell to a three-month low in May, while producer prices hit a two-year nadir.
Such a weak performance for the Chinese economy doesn’t bode well for the prospects of fuel demand in the world’s largest fuel importer.
Recent data already showed China’s crude imports fell in May to a four-month low as refining companies start scheduled maintenance shutdowns.
OPEC+ Production
Prices were pressured for weeks due to OPEC+ decision to raise output in July once more after similar decisions for May and June.
However, a Reuters survey showed OPEC production rose in May by less than expected, as Iraq reduced its output to compensate for recent increases, while Saudi Arabia and the UAE made small production hikes below their limits.
