Crude oil prices were down at trading start Monday as the supply glut in the oil market coupled with weak overall demand worldwide continues to drive prices lower.
International benchmark Brent crude was trading at $61.34 per barrel at 0620 GMT after it ended Friday at $61.69 a barrel.
American benchmark West Texas Intermediate was at $55.88 a barrel at the same time after closing Friday at $56.20 per barrel.
Both benchmarks were down 0.57% over this period.
A large supply glut in the market perseveres as the U.S., the world's largest crude producer, continues to pump oil at a record high level of 12.6 million barrels per day.
To lower oversupply in the market, Saudi Arabia-led OPEC and Russia-led non-OPEC oil producing countries are expected to agree to deeper cuts when they convene for their semi-annual meeting at beginning of December in Vienna.
On the demand side, the unresolved Sino-American trade war continues to dampen global economic growth and overall oil demand around the world.
U.S. and China, the world's two biggest economies and oil consumers, were expected to sign a phase one trade deal in late November in Chile, but President Sebastian Pinera had to cancel the Asia-Pacific Economic Cooperation (APEC) trade summit, the venue that would have brought Chinese President Xi Jinping and Trump together to pursue the signing of the agreement. The COP25 UN climate conference in December was also cancelled due to ongoing violent protests in his country.
U.S. President Donald Trump told reporters on Sunday that he wants to sign the trade deal somewhere in the U.S. once it is completed.
"First of all I want to get the deal." he said, adding, "The meeting place to me is going to be very easy."
By Ovunc Kutlu