Oil prices held steady on Monday as investors awaited trade talks between the United States and China, hoping a potential deal would improve the global economic outlook and spur demand.
Brent crude rose 11 cents to $66.58 a barrel, while U.S. West Texas Intermediate gained 6 cents to $64.64.
Both benchmarks advanced sharply last week, with Brent up 4% and WTI climbing 6.2%, as optimism over a trade breakthrough fueled investor appetite for risk. U.S. President Donald Trump and Chinese leader Xi Jinping spoke by phone on Thursday ahead of Monday’s meeting in London between senior trade officials from both countries.
Hopes for progress in resolving the prolonged tariff standoff have outweighed concerns from fresh economic data in China. Chinese export growth slowed to a three-month low in May as U.S. tariffs took their toll, while producer prices dropped to their lowest in two years, adding pressure to domestic and international markets.
China’s crude oil imports also slipped last month, falling to the lowest daily rate since January as both state-owned and independent refiners initiated maintenance programs. The decline in imports came at a time when West Texas Intermediate prices were testing a technical resistance level near $65.
Despite the weak data, expectations that a trade agreement could support the broader global economy and boost oil consumption helped limit the market’s downside. Investors largely shrugged off the anticipated rise in supply from OPEC+ producers set for next month, focusing instead on the outcome of the London talks.
