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Crude oil futures were largely stable during mid-morning trade in Asia Monday as markets were waiting for latest developments around the US-China trade dispute. while bullish supply side data kept prices supported.
At 10:30 am Singapore time (0230 GMT). ICE April Brent crude futures ticked down 4 cents b (0.06%) from Friday`s settle at $67.08 b. while the NYMEX April light sweet crude contract inched down 3 cents b (0.05%) to $57.23 b.
On Sunday. US President Donald Trump tweeted that he would delay the deadline to increase trade tariffs on China. citing `substantial progress.` during a week of talks in Washington between officials from both countries.
`Sentiment has been bolstered by positive signals from the US-China trade talks. ` ANZ analysts said in a note Monday.
`The fresh news on the expected summit with President Xi Jinping. however. invites a new wave of questions. President Donald Trump noted that `important structural issues including intellectual property protection. technology transfer. agriculture. services. currency` had been amongst the items moving along in the trade talks. ` IG`s market strategist Pan Jingi said.
`These are some of the more difficult issues on hand. leading one to question which side had been giving in with assumptions leaning towards the US being on the losing end. That said. this positive development in talks so far remains one to boost markets.` she added.
The two sides are yet to sign any official agreement regarding the extension of the deadline. which expires on March 1. noted analysts.
Meanwhile. oil rig data for the week ended February 22 dropped by four to 853. according to data from Baker Hughes released Friday.
Elsewhere. market participants would be watching out for developments around the US sanctions on Venezuela. with US Vice President. Mike Pence scheduled to visit Colombia Monday to bolster the Trump administration`s push for regime change in Venezuela as US sanctions on state-owned oil company PDVSA enter their fifth week.
Pence`s visit comes as Maduro has ordered Venezuela`s border with Brazil closed. the latest attempt to block aid deliveries he has said are attempts to destabilize his government.
While in Bogota. Pence will `state plainly that the time has come for [Venezuelan President] Nicolas Maduro to step aside.` the White House said in a statement Thursday.
As of 0230 GMT. the US Dollar Index was down 0.07% at 96.33.
