WASHINGTON (dpa-AFX) - Oil prices held steady on Monday after rallying 4 percent last week.
Benchmark Brent crude futures were marginally lower at $66.46 a barrel in European trade while WTI crude futures were up 0.1 percent at $64.66.
There is a lack of clear direction as news of another round of U.S.-China trade talks was offset by disappointing inflation and trade data from China.
Investors are pinning hopes that another round of U.S.-China trade talks that will take place in London later today could help ease trade tensions between the two superpowers.
Beijing confirmed that Vice Premier He Lifeng will attend the talks. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would likely be present with the U.S. delegation.
There was disappointment on the data front, with China's consumer prices falling for a fourth consecutive month in May and producer prices clocking the steepest decline since July 2023, deepening deflation worries.
Separate set of data revealed that China's exports grew slower than expected in May, while imports declined from the last year due to weak domestic demand.
China's crude oil imports declined in May to the lowest daily rate in four months. On the geopolitical front, U.S. officials said that Russia's threatened retaliation against Ukraine over its drone attack last weekend has not happened yet in earnest and is likely to be a significant, multi-pronged strike.
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