Oil trims gains amid holiday-thin trade

Oil prices rose on Monday, but trimmed gains later in quiet trading amid an official holiday in the US in observance of the Martin Luther King Holiday.

The International Energy Agency urged oil and natural gas companies adopt a range of strategies toward lowering climate change risks.

Investors are closely anticipating the launch of the economic forum in Switzerland, Davos, due to start tomorrow and will continue for four days.

A strong market sentiment dominated trading last week after the signing of the Phase-One trade deal between the US and China, which market the end for the 18-month old trade war that has thinner investors.

As for trading, US Nymex crude futures were higher by 0.2% at $58.6 a barrel as of 18:59 GMT, after hitting an intraday high of $59.7 and a low of $58.5.

Brent rose 0.5% to $65.1 a barrel, with a high of $66 and a low of $64.9.