Oil steady as fears over U.S.-Iran conflict ease, focus turns to trade deal - Reuters

Oil steady as fears over U.S.-Iran conflict ease, focus turns to trade deal - Reuters:

Oil prices held steady on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week’s scheduled signing of an initial U.S.-China trade deal, which could boost economic growth and demand.

Brent crude LCOc1 was up 1 cents at $64.99 per barrel at 0737 GMT, while West Texas Intermediate (WTI) crude CLc1 was up 5 cents at $59.09 a barrel from the previous session.

Oil prices surged to their highest in almost four months after a U.S. drone strike killed an Iranian commander and Iran retaliated with missiles launched against U.S. bases in Iraq. But they slumped again as Washington and Tehran retreated from the brink of direct conflict.

Global benchmark Brent touched $71.75 per barrel last week before ending on Friday below $65.