London — Crude oil futures slipped on Monday, but losses were capped by a rebound in stock markets and escalating Saudi-Iran tensions. Global stocks came off six-week trade talks, easing fears about a trade war between the world’s two largest economies. The possibility of a full-blown trade war had weighed on the energy complex on fears that it could harm oil demand. Brent crude futures were down 10 US cents at $70.35 a barrel at 10am GMT. US West Texas Intermediate (WTI) crude futures fell 26c to $65.62. US President Donald Trump last week signed a memorandum that could impose tariffs on up to $60bn worth of imports from China. "The ... trade war story ... should be taken into account when trying to quantify the potentially bullish effect of the geopolitical element in oil markets," said analysts at consultancy JBC Energy. The market also found support from rising tension in the Middle East. Saudi air defences shot down seven ballistic missiles fired by Yemen’s Iran-aligned Houthi ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.