Oil prices edged higher as traders digested the US-India trade agreement.

Oil prices in Asia rose slightly in early trading, as traders digest the trade agreement between the US and India. Near-month West Texas Intermediate crude futures rose 0.3% to $62.33 per barrel, while near-month Brent crude futures rose 0.2% to $66.45 per barrel. President Trump said on Monday that the US has agreed to reduce tariffs on India to 18%. Trump stated that Indian Prime Minister Modi "agreed to stop buying Russian oil and purchase more oil from the US and possibly from Venezuela." Analysts at ANZ Bank said in a report that as part of the agreement, "Trump said he will cancel the additional 25% tariff imposed on India for buying Russian oil." The analysts added, "This could trigger more buying from Indian refiners."