PHOTO: REUTERS
LONDON: Oil prices rose on Tuesday, supported by tighter global supplies that have helped to offset persistent worries that demand will be hurt by the continuing US-Chinese trade conflict.
Brent crude rose by $0.23, or 0.3%, to $70.34 a barrel by 1055 GMT. US West Texas Intermediate (WTI) was up $0.52, or 0.9%, at $59.15.
US crude futures were trading for the first time since Friday after a long holiday weekend. Investors, however, remain concerned that the trade war between the United States and China could hit the global economy and dent fuel consumption.
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Brent futures last week registered a decline of 4.5% and WTI slid by 6.4% for its biggest weekly loss since December. “Oil prices lack direction because the oil market currently finds itself caught between supply risks and concerns about demand,” Commerzbank said in a note.
“A whole host of poor economic data from the major economic areas of the US, China and Europe, plus the entrenched situation in the trade talks, are not good news for the demand outlook.”
Published in The Express Tribune, May 29th, 2019.
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