Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the United States and China.

Benchmark Brent crude fell 16 cents, or 0.45%, to trade at $35.32 per barrel, while U.S. crude gained 18 cents to trade at $38.02 per barrel.

The Organization of the Petroleum Exporting Countries and Russia, part of a group known as OPEC+, are moving closer to a compromise on the duration for extending oil output cuts and were discussing rolling over the curbs one to two months, two OPEC+ sources told Reuters.

Source : Reuters