Crude oil prices mixed up over the weekend trading with the US WTI benchmark hovering above the $ 53 a barrel level, hovering around the 11-month high.
As producers face challenges to balance supply and demand, contract prices are seen to be driven by strong equities and the weakness of the US dollar by making oil cheaper, as well as being supported by strong Chinese demand.
In the Asian session, Brent crude futures traded slightly lower at $ 56.26 a barrel, while the US WTI rose at $ 53.60 a barrel.
Trade data on Thursday showed that crude oil imports to China increased by 7.3% by 2020. Increased flows by factories and storage due to low prices were recorded in two of the four quarters this year.
However, the world's second-largest economy is facing a new wave of Covid-19, having reported the highest number of daily cases in more than 10 months.
Today's market is marked by a proposed $ 1.9 trillion stimulus package by President Joe Biden to help people and businesses affected by the pandemic, thus supporting economic recovery.
