Investing.com - Brent and U.S. crude futures rose on Monday after Russia said it wants to see improved relations between Iran and Saudi Arabia to return stability to the global oil market.
Oil prices found support after Zamir Kabulov, a senior official at Russia's Foreign Ministry said stability on the oil market and a return to normal crude prices is needed.
Brent, the global benchmark was up 0.99% at $33.70 a barrel at 12.17 GMT.
U.S. crude was up 1.51% at $29.89 a barrel, after rebounding more than $3 in the previous session from Thursday's 12-year low.
Oil's gains looked likely to remain limited amid persistent concerns over a global supply overhang and after weak Chinese trade data on Monday added to concerns over slowing demand from the world’s largest energy consumer.