International Brent crude oil futures were at US$66.52 per barrel at 0755 GMT, 5 cents above their last close and not far off the 2019 high of US$66.83 a barrel hit in the previous session.

US West Texas Intermediate (WTI) crude futures were at US$56.03 per barrel, up 44 cents, or 0.8%, from their last settlement and close to the 2019 high of US$56.33 touched the previous day.

Traders said they were cautious on taking large new positions before the outcome of the trade talks that start in Washington on Tuesday between senior Chinese and US negotiators.

Bank of America Merrill Lynch said in a note that the Sino-US trade dispute was hurting economic growth globally.

“Addressing global trade tensions is key for improving the economic outlook,” the bank said.

Considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between US$50 and US$70 per barrel, “anchored around US$60”.

Global oil markets remain relatively tight because of supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (Opec), with top crude exporter Saudi Arabia cutting the most.

Saudi seaborne crude exports fell in the first half of February, with departures standing at 6.204 million barrels per day (bpd), a 1.341 million bpd decline on the previous month and 0.91 million bpd decline on the year, data intelligence firm Kpler said.

Further providing oil markets with support are US sanctions against petroleum exporters Iran and Venezuela.

Venezuela is a major crude supplier to US refineries while Iran is a key exporter to major demand centres in Asia, especially China and India.