Oil prices held steady on Monday as fears of conflict between the US and Iran eased, with investors shifting their focus to this week’s scheduled signing of an initial US-China trade deal, which could boost economic growth and demand.
Brent crude was up 1 cent at $64.99 per barrel at 0737 GMT, while West Texas Intermediate (WTI) crude was up 5 cents at $59.09 a barrel from the previous session.
Oil prices surged to their highest in almost four months after a US drone strike killed an Iranian commander and Iran retaliated with missiles launched against US bases in Iraq. But they slumped again as Washington and Tehran retreated from the brink of direct conflict.
