Oil steadied ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, which is being held against the backdrop of the Iran war that shows no signs of a near-term resolution.

West Texas Intermediate traded near $101 a barrel after declining 1.1% in the previous session. Brent crude closed below $106. Trump is scheduled to meet Xi on Thursday, and the US leader told reporters this week that trade talks will be prioritized rather than discussions about the Middle East conflict.