Oil rises to $69 as Mideast tension and supply cuts offset trade concerns - Reuters

Oil rises to $69 as Mideast tension and supply cuts offset trade concerns - Reuters:

Oil rose to about $69 a barrel on Monday, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains.

Supply cuts - both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions - have helped Brent crude, the global benchmark, rise by about 29 percent this year.

Brent was up 33 cents at $69.02 a barrel by 1334 GMT, having fallen by about 4.5% last week. U.S. West Texas Intermediate crude was down 30 cents at $58.33.