Brent crude oil futures rose to around $66.9 per barrel on Monday, amid hopes for easing in the U.S.-China trade tensions. While it remains uncertain whether formal trade negotiations between the two countries have begun, President Donald Trump last week softened his rhetoric towards China, and Beijing has exempted some U.S. imports from its 125% tariffs. However, overall gains may be capped as progress in U.S.-Iran nuclear talks has raised concerns about the potential return of Iranian crude to the market. Additionally, the prospect of OPEC+ ramping up production for a second straight month cast more gloom. Elsewhere, over the weekend, Trump said that Russian President Vladimir Putin may be stalling efforts to end the conflict in Ukraine and suggested further sanctions might be needed, shortly after meeting with Ukrainian President Volodymyr Zelensky.
Source: Trading Economi
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