Oil rose to about US$69 a barrel on Monday, supported by Middle East tensions and Opec-led supply cuts, though concern over the US-China trade dispute and global economy capped gains.[LONDON] Oil rose to about US$69 a barrel on Monday, supported by Middle East tensions and Opec-led supply cuts, though concern over the US-China trade dispute and global economy capped gains.
Brent was up 33 cents at US$69.02 a barrel by 1334 GMT, having fallen by about 4.5 per cent last week. US West Texas Intermediate crude was down 30 cents at US$58.33. "This move further increases tensions in the regions, but with the US and UK markets closed today and most of the geopolitical tension likely already priced in to the market, effects on crude prices may remain subdued," JBC Energy said in a report.
In addition to the Opec-led supply cuts, US sanctions on Opec members Iran and Venezuela have curbed their crude exports, reducing supplies further.
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