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Oil surges amid expectations of OPEC supply cuts but trade worries are on the market
Oil prices rose on Monday as traders expected Saudi Arabia, the world's top oil exporter, to press OPEC to cut supplies by the end of the year.
Nevertheless, anxiety remains dominating markets amid severe trade disputes between the world's two largest economies, the United States and China.
By 0660 GMT, global benchmark crude hit Brent crude for $ 67.21 a barrel, up 45 cents, or 0.7 percent from the previous close.
US WTI futures rose 58 cents, or 1 percent, to $ 57.04 a barrel.
OPEC, led by Saudi Arabia, its biggest producer, and its allies are seeking to cut supply by between 1 million and 1.4 million bpd to cope with slowing demand growth and preventing a supply oversupply in the market.
Despite Monday's gains, oil prices remain about 25 percent below their high levels in early October as supply surged and demand growth slowed.
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