Oil Halts Losing Streak as Supply Cuts Overshadow Trade Fears - Bloomberg

Oil Halts Losing Streak as Supply Cuts Overshadow Trade Fears - Bloomberg:

Oil rose after four consecutive sessions of declines as signs of tightening supply from OPEC+ overshadowed concerns that escalating trade tensions from China to Mexico could slow global demand.

Futures closed 0.4% higher in New York. Vitol Group, the world’s largest oil trader, expects OPEC and its allies to extend a deal to curb output in the second half of 2019, while Saudi Energy Minister Khalid Al-Falih said he’s committed to doing whatever it takes to stabilize markets.

Still, West Texas Intermediate crude and the global benchmark Brent hovered near the lowest in more than four months, weighed down by demand concerns. JPMorgan Chase & Co. said Monday the chance of a U.S. recession in the second half had risen to 40% from 25% a month ago.