Oil mixed as China's economy weakens, but OPEC cuts still support crude

Tuesday, 28 May 2019 08:44 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil prices were mixed on Tuesday, pressured by a weakening economy, especially in China, yet still supported by ongoing supply cuts from producer club OPEC and U.S. sanctions against Iran and Venezuela.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.90 at 01:06 GMT. That was 21 cents, or 0.3%, below the last session's close, when Brent rose 2.1%.

U.S. West Texas Intermediate (WTI) crude futures were at $59.03 per barrel. They did not trade on Monday due to a public holiday in the United States, but stood 40 cents, or 0.7%, higher than their last close on Friday.

Traders said Brent prices were under pressure from an economic slowdown hitting China as a result of the ongoing trade war with the United States, which is also expected to dent fuel consumption.

Source : Reuters


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