WTI crude oil prices are trading weaker at the start of a new trading week in anticipation of economic data releases from Europe and the US in the coming days. At the time of writing, WTI crude oil is trading at around $55.88 per barrel.

Although the US-China trade war fears are abating as both sides confirm progress in negotiations towards a partial trade deal, weak data releases continue to weigh on oil markets as traders anticipate a dip in demand. Last Friday, WTI crude oil prices gained more than 3% as the US and China expressed hope for their interim trade deal to be signed in November.

However, the surge in oil prices could also be attributed to profit taking by traders. Later today, manufacturing data out of the EU and the US could weigh on oil prices, causing traders to take a wait and watch approach before making any big moves in either direction.

Crude oil prices have also been under pressure following the release of data which revealed that Russia failed to meet targets for curbing crude production agreed upon by OPEC and allies. Oversupply of oil in a market where demand remains anemic has driven further bearishness in crude prices.