Oil prices were trading higher on Monday as investors focused on the impact of U.S. sanctions on Iran despite efforts by Saudi Arabia, the United States and Russia to increase global output.
Benchmark Brent crude oil was up 66 cents or 0.85 percent at $78.75 a barrel while U.S. West Texas Intermediate (WTI) futures were up 59 cents or 0.86 percent at $69.36.
Supply fears from upcoming sanctions on Iran over its nuclear program outweighed fears about the likely impact of U.S.-China trade dispute on oil demand.
The Trump administration is set to impose another US$200bn in tariffs on goods imported from China this week as hopes fade for a thaw in trade relations between the world's two largest economies.
There were also reports that Beijing is considering declining the offer of talks aimed at diffusing trade tensions, as it isn't prepared to negotiate with a "gun pointed to its head."
The material has been provided by InstaForex Company -
www.instaforex.com