Crude posted the longest weekly winning streak since November 2017, amid concerns over supply shortfalls from countries like Venezuela and optimism over US-China trade talks.

It may be starting to sound like a broken record for emerging markets, with the twists and turns of US-China trade tensions likely to dominate investor concerns this week.

The price of crude slipped following the failed Turkey coup as shipments continued through the vital conduit for oil from Russia and Iraq to the Mediterranean Sea.