Oil prices stable as trade fears mitigate supply cuts
With the US and UK markets closed today, rising tension between the US and Iran has had little impact so far
London — Oil steadied on Monday, trading below $69 a barrel, as concern over the US-China trade dispute and global economic outlook offset support from Middle East tensions and supply cuts. Figures on Monday showed that profits for Chinese industrial companies shrank in April while new orders for US-made capital goods fell more than expected in a further sign that the economy is slowing. The main factor preventing crude prices from rising on the geopolitical news is the concern about the global economy, said Petromatrix oil analyst Olivier Jakob. “The macroeconomic outlook does not look good,” Jakob said. Brent crude, the global benchmark, was up 5c at $68.74 a barrel by 8.30am GMT, having fallen by about 4.5% last week. US West Texas Intermediate crude was down 36c at $58.27. Both crude contracts registered their biggest weekly price declines of the year last week. Public holidays in the US and Britain on Monday limited participation, keeping volumes low. Rising tension between the...
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