Data released on Sunday showed exports from China in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll.
Trump said on Saturday that talks with China were moving along "very nicely"
For the week, Brent was set to rise 7.7%, its biggest gain since January, while WTI was on track for a 7.2% increase, the most since June
Kurdistan still threatening to halt up to 600,000 barrels per day of production from the semi-autonomous region
Nigeria's crude exports to exceed 2 million bpd in August, the highest level planned for 17 months
Russian Energy Minister Alexander Novak said Russia and Saudi Arabia were moving towards a strategic energy partnership
On Thursday, Brent closed above $50 for the first time since July 4
Prices remain near two-month highs with Brent still holding above $50 per barrel
However, Saudi Arabia has signalled that it could boost its crude oil supplies in August to a new record
Saudi Arabia is sending signals that it could boost its oil supplies in August, even higher than its record 10.67 million barrels per day
Oil rebound poses new challenges for US shale
Climbs to $50.05 a barrel as the figures showed a sharper-than-expected reduction in crude stocks
But others warned that the rally was happening too soon, and driven in large part by investors taking speculative positions in oil
Kuwait's oil minister his country's participation in an output freeze would require all major oil producers, including Iran, to be on board
Brent dipped early on Tuesday, but remained over $40 a barrel as more producers announced talks to support the market and investors opened new bets on price rises