London — Oil markets stabilised on Monday after having lost about 2% last Friday, as concerns grew over the effect on global growth of an intensifying trade dispute between the US and China, as well as increased US drilling activity. Markets were also eyeing the situation in Syria after reports — denied by the Pentagon — that US forces had struck a major air base there. Brent crude futures were up 39 US cents on the day at $67.50 a barrel by 9.12am GMT. The price approached its lowest in three weeks last week. US WTI crude futures were up 25c at $62.31 a barrel. Oil prices fell about 2% on Friday after US President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world’s two largest economies, which could hurt global growth. "The market is currently concerned for the escalating China-US trade war tensions, and with good reason since this will be bad for global growth and oil demand growth further down the road," head of commodity strategy at ...
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