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Brent crude futures, a benchmark for international oil prices,
were at $72.13 per barrel at 1138 GMT, up 30 cents.
U.S. West Texas Intermediate (WTI) crude futures were down 3
cents at $65.88 per barrel.
Last week, Brent declined for a third consecutive week, while
WTI fell for a seventh week due to concerns about a slowdown in
economic growth because of U.S.-Chinese trade tensions and
weakness in many emerging economies.
China and the United States will hold trade talks this month,
the two governments said late last week, in a bid to resolve an
escalating tariff war that threatens to engulf all trade between
the world's two largest economies.
Still, White House economic adviser Larry Kudlow warned Beijing
not to underestimate President Donald Trump's resolve in what
Kudlow called a "battle to eliminate tariffs and non-tariff
barriers and quotas, to stop the theft of intellectual property
and to stop the forced transfer of technology".
Shanghai crude futures for December delivery, China's most
actively traded contract, fell 1.36 percent to 491.4 yuan per
barrel.
"Disappointing industrial data out of China along with concerns
over emerging market economies centered on Turkey weighed on
commodities," Edward Bell of Emirates NBD bank said in a note on
Sunday.
In the United States, energy companies last week kept the oil
rig count unchanged at 869, according to the Baker Hughes energy
services firm.
"The recent softening in benchmark prices should temper the pace
of growth in U.S. exploration and production activity, and lead
to slower overall output growth," Bell said.
Traders said U.S. sanctions against Iran were supporting prices.
The U.S. government has introduced financial sanctions against
Iran which, from November, will also target the petroleum sector
of OPEC's third largest producer.
Iran told OPEC on Sunday no member country should be allowed to
take over another member's share of oil exports and on Monday
asked the EU to speed up efforts to save a 2015 nuclear deal
between Tehran and major powers.
"We continue to believe that despite all of the political
goodwill that may exist in Europe, there is no practical way
that many of the sizeable European buyers of Iranian crude can
be protected from U.S. sanctions," JBC Energy said in a note.
(Editing by Dale Hudson and Louise Heavens)
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