2019.10.0707:03:00UTC+00Oil Prices Inch Higher Ahead Of Trade Talks

Oil prices rose on Monday after declining more than 5 percent last week on worries about slowing growth in the U.S.

Benchmark Brent crude rose 0.45 percent to $58.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.6 percent at $53.13 a barrel.

The upside came as investor attention shifted to U.S.-China trade negotiations.

The talks will resume on Thursday and Friday, when Chinese Vice-Premier Liu He meets U.S. Trade Representative, Robert Lighthizer, and Treasury Secretary, Steven Mnuchin, in Washington.

U.S. President Donald Trump said on Friday his administration had a "very good chance" of agreeing a trade deal.

On the contrary, the Bloomberg reported, citing people familiar with the discussions that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Specifically, Premier Liu He is said to be ruling out commitments to reform Chinese government subsidies or industrial reform.

Meanwhile, over 100 protesters have been killed and more than 6,000 wounded in Iraq as the government scrambles to contain the popular anger that has racked Baghdad and a number of southern cities since Tuesday.

Interior Ministry spokesman Saad Maan said Sunday that an investigation was under way to determine who was behind the most deadly day of violence, in Baghdad on Friday.