Singapore — Crude oil prices edged lower on Monday after sharp gains during the previous session but were supported by the expectation of shrinking supply and signs that China-US trade tensions could ease. International Brent crude oil futures on Monday were down 20c, or 0.32% at 3.39am GMT to $62.54 a barrel, after closing up 3.14% in the previous session to their highest close since November 21. US West Texas Intermediate (WTI) futures were at $55.13 a barrel, down 13c, or 0.24%, from their last settlement. WTI settled 2.73% higher in the last session at its highest close since November 19. Output declines from production cartel Opec as they make good on their pact to curb a supply overhang were compounded by falling US oil rig counts and sanctions on Venezuelan oil sales. “While Venezuela’s output reportedly rose last month, fresh US sanctions on the country could see 0.5%-1% of global supply curtailed,” said Vivek Dhar, commodities analyst for Commonwealth Bank of Australia in a...
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