Oil Market Outlook

Oil prices remained rangebound as trade tensions eased following reports of progress in EU-US talks last week. The prospect of US-China negotiations after the two countries' leaders spoke also lifted sentiment.

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Oil has traded within a tight range of $4 a barrel since mid-May as markets keep a close eye on tariff and trade developments, while a brewing supply glut later this year remains a concern.

West Texas Intermediate crude rose $2.43 to close at $63.37 per barrel. Brent gained $1.19 to $65.34 and Dubai crude averaged $64.07. Thaioil forecasts that WTI this week will trade between $58 and $68, and Brent between $60 and $70. Some price volatility is possible depending on trade and geopolitical developments. Among the factors expected to influence trade: