Oil prices dipped on Monday, dragged down by plentiful supply as US exports soar and compete with traditional producers from West Asia in key markets such as Asia.
But markets were supported by optimism that Washington and Beijing would soon resolve a series of trade disputes that have dented global economic growth, analysts said.
International Brent crude oil futures were at $66.94 a barrel at 0747 GMT, down 18 cents, or 0.3 per cent, from their last close. They ended Friday little changed after touching their highest since November 16 at $67.73 a barrel.
US West Texas Intermediate (WTI) crude futures were at $57.15 per barrel, down 11 cents, or 0.2 per cent, from their last settlement. WTI futures climbed 0.5 per cent on Friday, having marked their highest since November 16 at $57.81 a barrel.
