Oil declined on Monday, surrendering early gains, although the prospect of an easing in trade tensions between the United States and China helped stem losses.
Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close.
Oil prices rose as markets reacted to news that China and the United States have put a looming trade war between the world’s two biggest economies “on hold”.
West Texas Intermediate (WTI) crude CLc1 futures fell 21 cents to settle at $71.28 a barrel, a 0.29 percent loss.
US West Texas Intermediate crude futures were at $71.63 a barrel, up 14 cents and set for a third straight week of increase.
Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
Brent crude futures LCOc1 reached an intraday high of $80.18 a barrel before receding to $79.67 at 1326 GMT.
On the occasion of the World Telecommunication and Information Society Day, West Bengal Chief Minister Mamata Banerjee said that social media should not be used to spread negativity.
Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping closer to $80 per barrel as supplies tighten and tensions with Iran simmer.
Oil prices firmed, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
Gets 1 Observation For Karkhadi Unit From USFDA
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AU SMALL FINANCE
Temasek Arm to invest rs 1,000 cr in Bank Share, Warrant
INDIABULLS REAL ESTATE
Approves proposal of Buyback of up to 2.6 Cr Equity Shrs
Buyback Size 5.45% of existing paid-up share capital
Maximum Buyback Price proposed at Rs 240/Sh