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CORRECTED-Oil prices edge up, but U.S.-China trade tensions cap gains

Published 05/14/2019, 11:07 AM
CORRECTED-Oil prices edge up, but U.S.-China trade tensions cap gains
LCO
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CL
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(Corrects performance of Brent and WTI on Monday to show both
closed lower, not little changed)
By Colin Packham
SYDNEY, May 14 (Reuters) - Oil prices inched higher on
Tuesday, though gains were checked amid an escalation in the
trade war between the United States and China.
Brent crude futures LCOc1 were at $70.27 a barrel at 0104
GMT, up 6 cents, or 0.1%, from their last close. Brent ended the
previous session down 0.6 percent.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $61.17 per barrel, up 12 cents, or 0.2%, from their previous
settlement. WTI closed down 1 percent on Monday.
Analysts said the U.S.-China trade war was overshadowing the
market, though market fundamentals provided some support.
"A full-blown trade war would have lasting consequences on
global growth, seriously limiting the upside for energy demand.
Disruptions have balanced the market, but lower demand and
rising U.S. production could make for a quick reversal," said
Alfonso Esparza, senior market analyst, OANDA.
China defied a warning from U.S. President Donald Trump and
moved to impose higher tariffs on a range of U.S. goods
including frozen vegetables and liquefied natural gas.
Focus was also on the Middle East after Saudi Arabia on
Monday said that two of its oil tankers were among those
attacked off the coast of the United Arab Emirates and described
it as an attempt to undermine the security of crude supplies
amid tensions between the United States and Iran. The U.S. Energy Department said on Monday that it was
confident global oil markets are well supplied.


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