Global stocks came off six-week lows on optimism that the United States and China are set to begin trade talks, easing fears about a trade war between the world’s two largest economies.
Crude oil futures steadied on Monday, supported by a rebound in stock markets and escalating Saudi-Iran tensions.
Global stocks came off six-week lows on optimism that the United States and China are set to begin trade talks, easing fears about a trade war between the world’s two largest economies.
The possibility of a full-blown trade war had weighed on the energy complex on fears that it could harm oil demand.
Brent crude futures were up 9 cents at $70.54 a barrel at 1206 GMT. U. S. West Texas Intermediate (WTI) crude futures eased 5 cents to $65.83.
U. S. President Donald Trump last week signed a memorandum that could impose tariffs on up to $60 billion of imports from China.
“The… trade war story … should be taken into account when trying to quantify the potentially bullish effect of the geopolitical element in oil markets,” said analysts at consultancy JBC Energy.
The market also found support from rising Middle East tensions.
