WASHINGTON (dpa-AFX) - Crude oil futures were flat Monday, holding recent gains as oil ministers from the Middle East prepared to meet with Russian officials.
Saudi Arabian energy minister Khalid al-Falih, OPEC secretary general Mohammed Barkindo, UAE energy minister and current OPEC president Suhail al-Mazrouei will be at Russia's St. Petersburg energy conference.
Markets will be looking for clues about whether they intend to extend the supply quota plan that has helped re-balance global markets.
Meanwhile, the U.S. and China have said they will suspend trade tariffs.
'To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services,' China and the US said. 'This will help support growth and employment in the United States.'
WTI light sweet oil for June was up 5 cents at $71.35 a barrel, having recently touched a 4-year high.
Atlanta Federal Reserve Bank President Raphael Bostic, Philadelphia Federal Reserve Bank President Patrick Harker and Minneapolis Federal Reserve Bank President Neel Kashkari will speak today.
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