Oil Rebounds as OPEC+ Restraint Outshines Trade-War Uncertainty
- Saudis eye extension to cuts after conferring with partners
- Escalation of U.S.-China trade war helped to cap rallies
This article is for subscribers only.
Oil bounced back from a midday slump, as hints of extended production cuts by top crude producers overshadowed President Donald Trump’s latest provocation in the trade standoff with China.
Futures in New York ended a choppy trading session 0.5% higher, as investors digested conflicting supply and demand signals. For the moment, they were won over by Saudi Energy Minister Khalid Al-Falih’s push this weekend for the OPEC+ coalition to “stay the course" on output curbs. Yet, ongoing tensions between the U.S. and China have kept price rallies limited. Brent closed lower after fluctuating between gains and losses.