Doha: Oil prices stabilized in early Asian trading on Monday, as markets await key economic data from China to assess the potential impact on the country’s demand for commodities following trade tensions with the United States. Brent crude futures fell by five cents to $65.36 per barrel, while US West Texas Intermediate (WTI) crude futures rose by three cents to $62.52 per barrel.

According to Qatar News Agency, both benchmarks rose by more than one percent last week after the United States and China, the world’s two largest economies and oil consumers, agreed to a 90-day pause in their trade war, during which they will significantly reduce tariffs. The pause in escalating tariffs has provided some stability to the markets, which have been volatile due to the ongoing trade tensions.

China is scheduled to release a set of economic data, including industrial production figures, later on Monday. This data is crucial for market analysts as it will provide insights into the health of the Chinese economy and potentially influence future oil demand. The outcome of this data release could have a significant impact on oil prices, as China is a major player in the global oil market.