Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg

Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg:

Oil’s rally stuttered as uncertainty over the status of trade negotiations between the U.S. and China stoked concerns over global economic growth.

Futures for May were little changed in New York after dropping as much as 0.4 percent. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by an American Petroleum Institute report that was said to show U.S. crude stockpiles declined 2.13 million barrels last week before government data due Wednesday.

Crude has surged nearly 30 percent this year on Saudi-led output cuts by the OPEC+ coalition that seeks to avert a global glut, and as American sanctions have also squeezed supplies from Venezuela and Iran. Meanwhile, a measure of oil volatility has risen 10 percent this week after Russia pressured the producer group to delay extending its curbs at a time when hopes are dimming over a trade deal between the U.S. and China.