(Bloomberg) -- Oil inched higher as investors weighed President Donald Trump’s deferral of lofty US tariffs on China against possible outcomes from his planned meeting with Russia’s Vladimir Putin.

Brent traded just shy of $67 a barrel while West Texas Intermediate was around $64. Prices are still near the lowest in two months, after a subdued session on Monday and thin volumes in early Asian hours. Trump signed an order extending the truce with China through Nov. 10, deferring a tariff hike set for Tuesday and causing a rally in wider markets.

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Traders are looking to a meeting between Trump and Putin later this week for signs sanctions on the major oil producer will be eased, although the US president on Monday downplayed expectations for a deal to end the war in Ukraine. Crude has lost more than 10% this year as traders grapple with the potential for a surplus to form by year-end after OPEC+ reversed supply cutbacks made in 2023, despite signs of slowing economic growth.

“I expect crude to remain rangebound until Friday’s meeting, but be a bit more vulnerable to downward pressure,” said Vandana Hari, founder of oil market analysis firm Vanda Insights.

The aggregate volume of Brent traded fell to its lowest since early July on Monday and is well below its daily average — suggesting traders are exercising caution as they seek further insight on the outlook. Monthly reports from the Organization of the Petroleum Exporting Countries and the US Department of Energy later on Tuesday may help offer a snapshot of the supply-demand balance.

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