Oil prices firm on tightened supply, trade optimism
Analysts say the near-term outlook for oil is ‘modestly bullish’ over the next two to three months
London — Oil prices edged up on Monday toward a 2019 high achieved last week as sanctions and political uncertainty tightened supply in several producer countries and US-China talks appeared headed toward success. But record US exports and continued anxiety over poor economic data worldwide this year may curb gains. International Brent crude oil futures were at $67.28 a barrel at 9.50am GMT, up 16c, or 0.24%, from their last close. On Friday, they briefly touched their highest levels since November 16 at $67.73 a barrel. US West Texas Intermediate (WTI) crude futures were at $57.39 a barrel, up 13c, or 0.23%, from their last settlement. WTI futures marked their highest since November 16 at $57.81 a barrel. “Risk appetite across global markets should improve as President Trump extends the deadline of trade talks with China,” Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum. “Supply risk is ever present with Venezuelan tensions br...
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