Oil prices climb after Saudi oilfield attack, but recession worries drag - Reuters

Oil prices climb after Saudi oilfield attack, but recession worries drag - Reuters:

Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease.

But price gains were capped by an unusually downbeat OPEC report that stoked concerns about growth in oil demand.

Brent crude LCOc1 was up 64 cents, or about 1.1%, at $59.28 a barrel at 0255 GMT,

U.S. crude CLc1 was up 55 cents, or 1%, at $55.42 a barrel.

“Oil is benefiting from an overall optimism that we won’t see the doomsday trade war scenario and after a drone attack on oil and gas facilities in Saudi Arabia reminded markets geopolitical tensions in the Middle East are going nowhere anytime soon,” said Edward Moya, senior market analyst at OANDA in New York.