Oil prices traded steady on Monday as signs of a breakdown in U.S. talks with Iran over its nuclear program offset pressure from a Moody's downgrade of the U.S. sovereign credit rating. Brent crude futures were down 20 cents to $65.

Oil prices remained mostly flat on Monday as investors weighed geopolitical tensions and upcoming economic data from China, the worlds second-largest oil consumer. Brent crude dipped 5 cents to $65.36 per barrel,