Oil steadied after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1.
Brent was above $68 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded near $65. The bloc faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement.
Trump's trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and other commodities. The decision by OPEC+ to rapidly increase its output quotas has also put the market on track for a glut later this year.
Meanwhile, the US and China are expected to extend their tariff truce by another three months, according to a report by the South China Morning Post, which cited people it didn't identify. Officials from the two countries are scheduled to meet on Monday for trade talks.
Source: Bloomberg
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