Oil steady; U.S.-China tensions weigh, possible output cuts support - Reuters:
Oil futures steadied on Monday as rising U.S.-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts.
Brent futures LCOc1 rose 48 cents, or 1.3%, to settle at $38.32 a barrel. U.S. crude CLc1 fell 5 cents, or 0.1%, to settle at $35.44 a barrel.
Prices found support after news that the Organization of the Petroleum Exporting Countries and Russia, known as OPEC+, were moving closer to a compromise on extending oil output cuts and were discussing rolling over the curbs one to two months.
Algeria, which holds the rotating OPEC presidency, has proposed that OPEC+ hold a meeting on June 4 rather than the previously planned June 9-10.
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