U.S. West Texas Intermediate (WTI) crude futures rose 31 cents to settle at $62.25 a barrel.
U.S. Trade Representative Robert Lighthizer confirmed the U.S. plans to raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. "'Don't do business with this people until they understand that there is a way to that you conduct yourself in the global community'".
"We may see stockpiles rising as state-run refiners pre-stocked supplies in April from Iran and the United States anticipating the impact of sanctions", he added. Last week, gold dropped to a four-month low after the US Federal Reserve Chairman Jerome Powell dashed hopes of a rate cut this year. The American Petroleum Institute was said to report US stockpiles jumped 6.81 MMbbl last week, much more than government data due Wednesday is forecast to show.
Net U.S. crude imports fell 432,000 barrels per day to 4.4 million bpd, and crude production edged down 100,000 bpd from its record high to 12.2 million bpd.
Iran has mobilized all its resources to sell oil in a "grey market", bypassing US sanctions that Tehran sees as illegitimate, state media quoted Deputy Oil Minister Amir Hossein Zamaninia as saying on Sunday.
USA crude stocks have climbed to their highest since September 2017 and were forecast to have added another 1.2 million barrels last week, according to analysts in a Reuters poll.
Offer prices for relatively heavy Angolan grades were expected to remain high and even increase given high demand and absence of comparable oil grades due to US sanctions on Iran and Venezuela. The API report also showed a 2.8 million barrel decline in gasoline inventories.
In the previous session, holdings of SPDR Gold Trust, the world's largest gold backed exchange, dropped 0.63 per cent to 740.82 tonnes, its lowest since Oct 11. -Chinese trade row, although persistent supply worries prevented a steeper price fall.
Brent oil is now expected to average $70 per barrel in 2019 and $67 a barrel in 2020.
Fewer than ten Nigerian cargoes remain for May loading and about half of the Nigerian cargoes for June loading also remain, traders said.
The other powers that are still involved in the pact - Britain, France, Germany, Russia, China and the European Union - have been trying to keep Tehran from abandoning the pact in spite the renewed USA punitive measures.