Oil prices gain over 1% after OPEC+ supply cuts

Oil prices edged up over one percent on Monday, supported by supply cuts by major crude producers and possible resolving of the trade dispute between the US and China.

International benchmark Brent crude futures were trading up 68 cents (+1.2 percent) to $57.74 per barrel (7.30 am Riyadh), while the US West Texas Intermediate (WTI) crude futures rose 73 cents (+ 1.5 percent) to $48.69 a barrel.

The United States and Beijing began talks on Monday morning to resolve the trade dispute, which has escalated since early 2018.

Additionally, crude prices were being supported by supply cuts started late last year by  OPEC+, which are cutting production by 1.2 million barrels per day, effective this month for an initial period of six months, to rebalance oil markets and support oil prices.