Oil fell last week as concern that global demand will keep deteriorating outweighed a decision by the Organization of Petroleum Exporting Countries and allies to extend production cuts. (For Representation)
Oil held gains as rising tension in the Middle East kept investors wary, while expectations the U.S. and China can make a quick breakthrough following the resumption of trade talks are low.
Oil fell last week as concern that global demand will keep deteriorating outweighed a decision by the Organization of Petroleum Exporting Countries and allies to extend production cuts.
While U.S.-China discussions are starting up again, the White House has warned that reaching an agreement will take time. Investors are also waiting for Federal Reserve Chair Jerome Powell's testimony to Congress this week, which may offer clarity on rate cuts.
West Texas Intermediate oil for August delivery rose 10 cents, or 0.2%, to $57.61 a barrel on the New York Mercantile Exchange as of 11:40 a.m. in Singapore after climbing as much as 35 cents earlier. The contract closed up 0.3% Friday, paring its weekly loss to 1.6%. It didn't settle Thursday, due to a public holiday in the U.S.
With the Iran nuclear accord in jeopardy, French President Emmanuel Macron is trying to find a diplomatic solution. On Saturday night, France and Iran agreed to resume nuclear talks by mid-July. Meanwhile, U.S. Secretary of State Michael Pompeo said in a tweet Sunday that Iran's latest expansion of its nuclear program "will lead to further isolation and sanctions."