Oil prices flat with markets on hold for progress in US-China trade talks

[SINGAPORE] 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 were down 5 cents, or 0.1 per cent, at US$63.25 by 0119 GMT. The contract rose 1.3 per cent last week.

West Texas Intermediate (WTI) crude was at US$57.72 a barrel, unchanged from the previous session, having gained 0.8 per cent last week.

“Despite the larger-than-expected (U.S.) inventory build … traders stayed primarily focused on US-Sino trade developments where optimism continues to build,” said Stephen Innes, market strategist at AxiTrader. “The market sees a trade deal between the US and China as more feasible, which is bullish for oil.”

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