Oil edged higher as investors weighed OPEC's extension of output cuts into 2020 against troubling economic data from around the world.
Futures added 0.4% in New York but are still below a high of more than $60 a barrel reached on Monday. While OPEC ministers agreed to maintain production curbs for nine months, a slew of disappointing manufacturing reports from the U.S., China and Europe undermined faith in oil demand. Trade concerns resurfaced after Washington proposed more tariffs on EU goods in retaliationagainst European aircraft subsidies.
West Texas Intermediate crude for August delivery rose 24 cents to $59.33 a barrel on the New York Mercantile Exchange as of 7:12 a.m. in London. While the contract closed 1.1% higher on Monday, it had been in retreat in early Asian trading on Tuesday.
Brent for September settlement rose 31 cents, or 0.5%, to $65.37 on the ICE Futures Europe Exchange. The contract added 0.5% on Monday. The global benchmark crude was at a $5.99 premium to WTI for the same month.
Source : Bloomberg