Oil held gains near a two-month high as the OPEC+ coalition’s output cuts overshadowed concerns over global economic outlook.
Futures in New York were little changed. Bullish signals from the Organization of Petroleum Exporting Countries and its allies on production cuts have eased investors’ concerns about a supply glut. Still, trade tensions are keeping a lid on prices as Chinese President Xi Jinping signaled fresh concerns about implications of the slowing economy while the International Monetary Fund cutits global growth forecast.
WTI for Feb. delivery, which expires on Tuesday, trades +17c at $53.97/bbl on Nymex, , at 9:08am in Tokyo.
More active March contract +17c at $54.21.
There was no settlement on Monday because of the Martin Luther King Jr. holiday in the U.S.; all transactions will be booked on Tuesday.
March Brent +4c to $62.74/bbl on ICE Futures Europe exchange on Monday.
Source : Bloomberg