Brent traded above $66 a barrel after jumping 4% last week, while West Texas Intermediate was near $65. Negotiators from the US and China are set to hold talks in London on Monday, raising the possibility the two largest economies can make progress on an array of disputes that have rattled markets this year.
Crude has retreated by 11% this year on concern that escalating trade tensions could hinder global economic growth, putting a brake on energy demand. At the same time, the OPEC+ alliance has been ramping up production at a faster-than-anticipated pace, underpinning fears that there’ll be a glut of oil in the second half of the year that will weigh on prices
Futures have traded in a band of less than $4 since the middle of May, with a gauge of volatility near the lowest since early April.
Also Read: Asian stocks advance on trade talks, US jobs data
