The price of oil FELL in early trade - after G20 finance ministers warned of trade spats impacting the global economy
But then it stabilised - with Brent trading at 73 dollars a barrel and light crude at 68.
"Oil is seen as a barometer for the global world economy. A softer rhetoric that could lead to a change in stance. We could be looking to roll back the trade spat which could actually then lead to overall more positive and optimistic views which would also be helpful for oil."
Global trade tensions are growing on many fronts - but it's the U.S. playing a central role - as Donald Trump continues his protectionist policies.
The biggest spat is between the U.S and China, who've so far slapped tariffs on $34 billion worth of each other's goods.
Last week, U.S. President Donald Trump threatened to raise tariffs to $500 billion.
And called the EU a - quote - foe - when it comes to trade.
"Trump has been in the news a lot recently with regards to global trade. I think traders in the oil market are looking at that and thinking you know what, Trump plays one of the strongest cards in the hope that his opponent will back down. So for the time being oil traders are commodity traders are not really spooked by the aggressive language for President Trump."
A reflection of that - On Sunday he sent an explosive tweet warning Iran not to threaten the U.S.
The market barely moved in response.
