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.
