WTI crude oil prices have turned bullish on Monday, trading higher over improved market sentiment after Trump postponed proposed tariffs on Mexico indefinitely. In addition, leading oil producer Saudi Arabia has also remarked that OPEC and Russia should continue with supply cuts.
At the time of writing, WTI is trading at around $54.25 per barrel. On Friday, Saudi Arabia’s statements hinted at OPEC+ suppliers having come to an agreement to continue crude production cuts beyond June.
However, one possible factor that could weigh on oil markets as trading gets underway on Monday is the decline in Chinese crude oil imports during the month of May. Markets could be worried about this being a fallout of the escalating trade tensions between US and China.