Baghdad: Oil prices recorded a slight increase at the start of trading on Monday, continuing gains of over 2% since Friday, as markets remain watchful for developments that could impact global crude supplies. Brent crude futures rose by 8 cents to reach $70.44 per barrel, after climbing 2.51% in Friday’s session.Meanwhile, U.S. West Texas Intermediate (WTI) crude futures added 5 cents, reaching $68.50 per barrel, following a 2.82% increase in the previous session.

According to National Iraqi News Agency, the International Energy Agency (IEA) recently indicated that the global oil market may face supply tightness, driven by increased refinery activity during the peak summer season to meet rising demand for travel and power generation.

Meanwhile, investors are closely awaiting China’s commodity trade data later today, alongside monitoring global economic growth indicators and their potential impact on fuel demand.