International benchmark Brent crude traded at $64.01 per barrel, while American benchmark West Texas Intermediate (WTI) amounted to $54.21 at 07.19 GMT on Monday.
The expectations of extending oil production cut agreement between the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC countries supports the upward movement of international crude oil prices.
The Energy Minister of OPEC Saudi Arabia, Khalid al-Falih, at an economic forum in St Petersburg on Monday said that OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June.
OPEC and non-OPEC oil producing nations agreed on Dec. 7 to cut their total output by 1.2 million barrels per day for the first six months of 2019 in order to trim market oversupply. They could extend the agreement into the second half of the year to raise oil prices. The organization will meet in June to decide their next move.
However, increasing trade tensions between the world’s two biggest economies, the U.S. and China, is expected to lower the global demand of crude oil due to shrinking growth of economies across the board. Experts note that a stable increase in oil prices is not expected in the short term.