16-07-2018 03:15 PM

Oil prices trade lower on Monday morning as traders anticipated the effect of the first official conversation between U.S. President Donald Trump and Russian President Vladimir Putin meeting in Helsinki later in the day.

Crude Oil was trading at $ 69.45 at the time of preparing this report.

Trump has been verbal about his displeasure with higher oil prices and has advised OPEC to lower prices earlier this month.

The Trump’s administration is supposedly thinking over the release of oil from the nation’s 660-million-barrel Strategic Petroleum Reserve to stabilize rallying gasoline prices.

The continued trade tensions between the U.S. and China remained in focal point, as traders panic that the progress could pressurize global demand.

Treasury Secretary Steven Mnuchin made it open on Thursday that he and the administration are “available” for conversation, but China must first agree to deeper economic restructuring. He further added, “we are not advocating tariffs. We are advocating fair trade.” 

In the interim, Supply disruptions resultant from strike actions in Norway and Iraq eased on Monday, while news that Libyan ports restart Expert activities pushed oil prices lower.