After several weeks of decline, the Brent crude oil price levelled off at about $72 a barrel by 20 August as news filtered through that the US and China were prepared to resume trade talks.

The growing trade dispute between the two countries and the collapse of the Turkish lira had raised concerns over a possible drop in demand in emerging markets, putting further pressure on crude prices. That pressure had started to decline following oil producers’ group Opec’s decision to increase production in late June.

Analysts do not expect a significant decline in the Brent crude price in the near future, with markets focusing on the impact of US sanctions on Iran and continued fall in output from Venezuela.