WASHINGTON (dpa-AFX) - Oil prices were seeing modest gains on Monday as the dollar slid from a 12-week high on improved risk sentiment in financial markets.
Overall gains remained limited as prospects of easing sanctions on Iran and Venezuela offset the narrative of tightening supply.
Benchmark Brent crude futures edged up 0.2 percent to $84.06 a barrel, while WTI crude futures were up 0.3 percent at $80.10.
Oil prices received some support after China announced new steps to bolster its flagging economy and struggling stock market, helping to alleviate fuel demand concerns.
China approved the launch of 37 retail funds over the weekend and also halved the stamp duty on stock trading in the latest attempt to boost struggling markets.
The new measures to woo investors came as data showed China's industrial profits extended a slump into a seventh month.
Meanwhile, there are reports of the U.S. and Iran holding talks to revive the nuclear deal.
Speculation is also rife that the U.S. could ease sanctions on Venezuela in a bid to boost supply.
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