Oil prices gained on Monday in Asia as supply concerns continued to provide support to the market. The upcoming Sino-U.S. trade talks in Washington is expected to receive some attention this week.
U.S. Crude Oil WTI Futures was up 0.6% to $60.5 by 12:49 AM ET (04:49 GMT). International Brent Oil Futures rose 0.8% to $68.15.
OPEC, which together with some non-affiliated producers like Russia, known as ‘OPEC+’, agreed late last year to reduce output by 1.2 million barrels per day (bpd) to remove a glut and prop up prices.
Last week, U.S. President called upon OPEC+ to bring more crude on to the market to help bring down increasing oil prices. However, his comments had little impact on the oil markets and the reaction of OPEC+ has been muted so far.
U.S. sanctions on Iran and Venezuela, both oil exporters, have also contributed to a tighter market.
Meanwhile, fresh data on U.S. commercial crude inventories and production activity will also capture the market’s attention this week.
Baker Hughes said on Friday that U.S. energy firms last week reduced the number of oil rigs operating to the lowest level in nearly a year.
Meanwhile, the Energy Information Administration reported last week that U.S. crude supplies unexpectedly rose by nearly 2.8 million barrels.
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