Oil is traded at price close to $67 per barrel as investors evaluate perspectives for reduction in US inventories along with US government plans to release oil reserves, Bloomberg reports.

Futures in New York grew by 0,5%. US government offered to use 11 million barrels from its Strategic Petroleum Reserves. It will help prevent market tightening after sanctions on Iranian export are imposed. Besides, this step can also limit price growth.

Meanwhile, investors are also expecting trade talks between the US and China as well as speech of US Fed leader this week.

Oil price has been falling seven weeks in a row among uncertainty in regards to future trade relations between the US and China and crisis in Turkey.

WTI oil with September delivery is traded for $66,73 per barrel. Brent oil price is $72,13 per barrel. Futures in Shanghai gained 1% to 496,4 yuan per barrel.