Oil was caught between the specter of a full-blown U.S.-China trade war damping demand and a supply backdrop ripe with potential risks.
Futures in New York edged higher after swinging between an 0.7% loss and a 0.3% gain. U.S. officials are expected to release details of additional tariffs of 25% on all remaining Chinese imports Monday. That came after Beijing vowed retaliation for Washington raising levies on $200 billion of Chinese goods Friday. An attack on two Saudi Arabian oil tankers on their way to the U.S. highlighted the risk of rising tensions in the Middle East disrupting oil flows.
West Texas Intermediate crude for June delivery rose 9 cents to $61.75 a barrel on the New York Mercantile Exchange at 7:37 a.m. in London after falling by as much as 45 cents earlier. The contract lost 0.5 percent last week.
Brent for July settlement added 37 cents, or 0.5 percent, to $70.99 a barrel on the London-based ICE Futures Europe exchange after being down as much as 31 cents earlier. It fell 0.3 percent last week. The global benchmark contract is trading at a $9.10 premium to WTI.
Source : Bloomberg