Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy, Trend reports citing Reuters.

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy, reports Trend citing to Reuters.

Oil prices rose on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers could extend their output reduction deal, reports Trend citing to Reuters.

Oil prices rose around 1% on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts, Trend reports citing Reuters.

Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts, reports Trend citing to Reuters.

Oil prices fell more than 1% on Monday to extend losses of over 3% from Friday, when crude markets racked up their biggest monthly losses in six months amid stalling demand as trade wars fanned fears of a slowdown in the global economy, Trend reports citing Reuters.

Average price of AZERI LT CIF extracted at Azerbaijan's Azeri-Chirag-Gunashli block of fields was $70.1 per barrel on May 27-31, or $3.19 less than the preceding week, Trend reports.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $67.09 per barrel at Italian port of Augusta on May 31, which is $2.66 less than on May 30, a source in Azerbaijan's oil and gas market told Trend on June 1.

Oil slumped over 3% on Friday and posted its biggest monthly drop in six months, after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, a key U.S. trade partner and a major supplier of crude oil, Trend reports referring to Reuters.

Oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support, Trend reports citing Reuters.