Crude oil prices started the new week with gains as a new round of negotiations to resolve trade disputes between the U.S. and China began on Monday.
International benchmark Brent crude was trading at $57.84 per barrel at 0645 GMT with a 0.8 percent gain after it closed Friday at $57.41 a barrel.
American benchmark West Texas Intermediate (WTI) registered at $48.73 a barrel at the same time, posting a 0.2 percent gain, after ending the previous session at $48.61 per barrel.
On Monday, the world's two biggest economies kicked off a fresh round of talks in Beijing to work out the trade impasse that is poised to slow their economic growth and cripple the global economy.
China and the U.S. agreed in early December during the G20 meeting in Argentina not to impose additional reciprocal tariffs for 90 days.
Global economic growth is expected to slowdown in 2019. Any rising tension between the U.S. and China could exacerbate the slowdown and have a negative impact on overall oil demand to bring crude prices down.
American investment bank and financial services firm Goldman Sachs said Monday in a note that it lowered its crude oil price forecast for 2019.
The firm now expects Brent crude to average $62.50 per barrel this year, down from its previous estimate of $70 a barrel. WTI is forecast to average $55.50 a barrel in 2019, down from $64.50 per barrel.
By Ovunc Kutlu