Ammon News - Oil traded little changed on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.

Brent crude futures edged up 3 cents to $67.78 a barrel by 0358 GMT.

U.S. West Texas Intermediate crude was at $62.91 a barrel, up 2 cents. There will be no WTI settlement on Monday due to a U.S. holiday.

Last week, both benchmarks posted weekly declines with Brent settling down about 0.5% and WTI losing 1% after comments from U.S. President Donald Trump that Washington could make a deal with Tehran over the next month drove down prices on Thursday.

With U.S.-Iran tensions pushing up oil prices, the Organization of the Petroleum Exporting Countries and allies - together called OPEC+ - are leaning toward resuming output increases from April following a three-month halt, to meet peak summer demand, Reuters reported.
“We want to set the Venezuelan people and the economy free."

Reuters