On Monday, oil prices little changed but fears that a trade dispute between the US and China will lead to a breakdown in global economic growth remains, although the impending US sanctions against Iran's oil sector keep oil from a more significant fall.

On Friday, data from Baker Hughes showed that active drilling rigs in the US fell by 9 units to 860, and this was the strongest decline since May 2016.

"The drop in the number of drilling rigs in the US and the drop in US inventories last week support oil prices amid a protracted war in the US and China that could weaken global growth and affect the demand for oil," said Stephen Innes, Stephen Innes, Asia-Pacific Trade Division in Oanda Corp. in Singapore.