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Oil recovers from 2-week low; U.S.-China trade war caps gains

Published 09/30/2019, 08:35 AM
Updated 09/30/2019, 08:40 AM
© Reuters. Oil recovers from 2-week low; U.S.-China trade war caps gains
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By Colin Packham
SYDNEY, Sept 30 (Reuters) - Oil prices edged higher on
Monday, rebounding from a two-week low in the previous session,
although gains were checked by concerns about the outlook for
the global economy.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose
14 cents, or 0.3% to $56.05 a barrel. WTI fell to $54.75 a
barrel on Friday, its lowest since Sept. 13, when prices closed
down 0.9%.
Brent crude LCOc1 futures rose 21 cents, or 0.3%, to
$62.12 a barrel, having dipped as low as $60.76 a barrel on
Friday when prices fell 1.3%.
Saudi Arabia's crown prince warned in an interview broadcast
on Sunday that oil prices could spike to "unimaginably high
numbers" if the world does not come together to deter Iran, but
said he would prefer a political solution to a military one.
Yemen's Houthi movement said on Saturday it had carried out
a major attack near the border with the southern Saudi region of
Najran and captured many troops and vehicles, but there was no
immediate confirmation from Saudi Arabian authorities.
Still, oil remains under pressure as traders weigh the
impact on the global economy of a prolonged trade war between
the U.S. and China.
"With Saudi oil production mostly back online, the focus
shifts again to the trade war narrative and consequential demand
devastation, which is getting intensified by the U.S.
administration's possible capital clampdown as they investigate
the efficacy of capping U.S. investment flows into China," said
Stephen Innes, market strategist, SPI Asset Management.
U.S. President Donald Trump's administration is considering
delisting Chinese companies from U.S. stock exchanges, three
sources said, in what would be a radical escalation of
U.S.-China trade tensions.

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