Oil rises but U.S.-China trade war weighs on demand outlook - Reuters:
Oil prices inched up on Tuesday as OPEC’s deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices, but U.S.-China trade tensions clouded the demand outlook.
Brent crude settled up 9 cents at $64.34 a barrel, and West Texas Intermediate oil rose 22 cents, or 0.4%, to $59.24 a barrel.
The benchmarks fell 0.2% and 0.3%, respectively, on Monday.
Last week, the Organization of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
Oil prices inched up on Tuesday as OPEC’s deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices, but U.S.-China trade tensions clouded the demand outlook.
Brent crude settled up 9 cents at $64.34 a barrel, and West Texas Intermediate oil rose 22 cents, or 0.4%, to $59.24 a barrel.
The benchmarks fell 0.2% and 0.3%, respectively, on Monday.
Last week, the Organization of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
No comments:
Post a Comment