Oil rises on the expectation the Saudis will push for a supply cut
But market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the US and China
Singapore — Oil prices rose about 1% on Monday as traders expected top exporter Saudi Arabia to push producer club Opec to cut supply towards year-end. Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the US and China. Front-month Brent crude oil futures were at $67.29 a barrel at 2.59am GMT, up 53c, or 0.8%, from their last close. US West Texas Intermediate (WTI) crude futures, were up 71c, or 1.3%, at $57.17 a barrel. “The market’s bullish radar is still waiting for Opec-plus to deliver a sizeable cut number,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Opec, de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1-million to 1.4-million barrels a day of supply to adjust for a slowdown in demand growth and prevent oversupply. Despite Monday’s gains, crude prices remain almost a quarter below their recent peak...
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