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Oil prices were little changed on Monday following steady gains in the previous week with investors awaiting fresh clues over prospects for a trade deal between the United States and China, shrugging off concerns over steadily rising oil supplies.
Brent crude futures LCOc1 were at $63.30 a barrel at 0512 GMT, unchanged from the previous session. The contract rose 1.3% last week.
West Texas Intermediate (WTI) crude CLc1 were also unchanged at $57.72 a barrel, having gained 0.8% last week. The “crude oil market is flat on Monday morning, as price consolidates after Friday’s big rally,” said Margaret Yang, market analyst at CMC Markets.
Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.
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