International Benchmark Brent crude traded at $78.97 per barrel at 10.21 GMT+2 while American benchmark West Texas Intermediate (WTI) saw prices of $71.75 per barrel on Monday.
On Monday, Brent oil open at $78.98 per barrel while WTI saw prices of $71.77 per barrel.
The U.S. Treasury Secretary Steven Mnuchin's statements on Sunday regarding economic talks between the U.S. and China had a slight impact on oil prices on Monday morning.
Mnuchin made reference to the meaningful progress in talks with China and said the administration would put on hold proposed tariffs on up to $150 billion worth of Chinese products.
The trade volume between the U.S. and China will expand and energy exports will increase to the levels of $50 to $60 billion in the upcoming three to five years, he said, adding this increase would be strategically important for both sides.
Experts maintain the U.S. withdrawal from the Iran nuclear deal and the 'implementation of sanctions on Iran” also continues to impact oil prices.
In addition, experts highlight the effect of increasing oil production in the U.S. on global oil markets.
The U.S.' Energy Information Administration data on May 16 showed that crude oil production in the country rose by 20,000 barrels per day (bpd) to reach a new record high of 10.72 million bpd for the week ending May 11.
This marked the 17th time that crude output showed an increase in the U.S. over the span of the past 18 weeks.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr