Crude Market: Oil prices up as supply issues mount

LONDON: Oil prices rose on Monday, buoyed by hopes of progress in US-China trade talks and supported by challenges to supply facing major exporters. Brent crude rose $0.52 or 0.9% to $58.89 a barrel by 1215 GMT, while US West Texas Intermediate (WTI) crude was at $53.45, up $0.64 or 1.2%.

Both futures contracts ended last week with a more than 5% decline after dismal manufacturing data from the United States and China, with the trade row between the world’s top economies undermining global economic prospects.

US and Chinese officials will meet in Washington on October 10-11 in a fresh effort to work out a deal, which US President Trump said his administration had a “very good chance” of achieving.

On the supply side, deadly anti-government unrest has gripped Iraq, the second-largest producer among the OPEC.  

Published in The Express Tribune, October 8^th, 2019.

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