Markets on Monday were also eyeing the situation in Syria after reports - denied by the Pentagon - that US forces had struck a major air base there.

US WTI crude futures CLc1 were at $62.34 a barrel at 0355 GMT, up 28 cents, or 0.45 percent, from their previous settlement.

Oil prices fell about 2 percent on Friday after US President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world’s two largest economies that could hurt global growth.

With Chinese markets closed last Thursday and Friday, Shanghai crude futures ISCc1 played catch-up on Monday, dropping 0.6 percent to around 400 yuan ($63.43) per barrel.

“Oil prices have been susceptible to the brewing trade tensions between China and the US...However, fundamental support levels have been demonstrated with OPEC’s suggestion on an production limit extension into 2019,” said Singapore-based Phillip Futures.

Masaim Abdullayev,
“Khalq qazeti”