Oil prices held steady on Monday, as the market digested the outcomes of the G20 summit and its potential impact on global economic growth and energy demand.

Market Analysis

Analysts suggest that the stability reflects a cautious approach from investors, who are weighing the positive signals from renewed trade talks against persistent concerns about geopolitical risks in the Middle East.

Key Factors Influencing Prices:

• Trade Negotiations: Progress in US-China trade discussions could boost economic activity and, consequently, oil demand.
• OPEC+ Production Cuts: Continued adherence to agreed production cuts is supporting prices.
• Geopolitical Tensions: Instability in the Middle East remains a significant risk factor.

Looking ahead, market participants will be closely watching economic data releases and any further developments in trade negotiations for indications of future price direction.