2019.07.2906:31:00UTC+00Oil Prices Mixed In Cautious Trade

Oil prices were flat to slightly lower on Monday, pressured by renewed concerns about over supply and slowing world demand after China industrial profits data disappointed.

Also weighing on prices, Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

Benchmark Brent crude slid 0.2 percent to $63.23 a barrel, after having risen 1.6 percent last week. U.S. West Texas Intermediate crude futures were marginally higher at $56.23 barrel after gaining 1 percent last week.

Profits earned by China's industrial firms contracted in June after a brief gain the previous month, adding to fears of a slowdown.

Industrial profits fell 3.1 percent in June from a year earlier to 601.9 billion yuan ($87.5 billion), according to data released by the National Bureau of Statistics (NBS) on Saturday.

An emergency meeting with parties to Iran's 2015 nuclear deal with major powers was "constructive", Iranian official Abbas Araqchi said on Sunday, but said Tehran would continue to reduce its nuclear commitments if Europeans failed to salvage the pact

"The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told reporters after the meeting in Vienna.

Traders also looked ahead to more talks on the China-U.S. trade dispute as well as the Federal Reserve meeting.

The Fed is expected to announce a rate cut of 25 bps, bringing the Fed funds rate target to 2-2.25 percent. Investors will be looking for more information on whether the Fed may announce further rate cuts in the future.