Oil rebounded from the biggest weekly loss in two months as speculation of a crude-supply shortage took precedence over escalating trade tensions between the world’s two-biggest economies.
Futures in New York added as much as 0.8 percent after a 2.9 percent slide last week. South Korea didn’t receive any oil from Iran last month, a sign of how impending U.S. sanctions could curb the producer’s sales at a time when FGE predicts OPEC has barely enough spare capacity to ease an oil squeeze. Meanwhile, President Donald Trump ratcheted up a trade war with China, saying on Friday that he’s ready to tax all imports at short notice.
West Texas Intermediate for October delivery rose as much as 53 cents to $68.28 a barrel and traded 43 cents higher at $68.18 on the New York Mercantile Exchange at 11:14 a.m. in Singapore. Prices declined $2.05 to $67.75 last week. Total volume traded was about 23 percent below the 100-day average.
Brent for November settlement climbed as much as 62 cents to $77.45 a barrel on the ICE Futures Europe exchange. Prices rose 33 cents to $76.83 on Friday, while it fell 0.8 percent last week.
Source : Bloomberg