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TEHRAN, Jun 3 - Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week’s heavy losses as deepening U.S. trade wars fanned fears of a global economic slowdown.
TEHRAN, Young Journalists Club (YJC) -Saudi, the de-facto leader of the Organization of the Petroleum Exporting Countries, indicated that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus.
“We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels,” the Saudi-owned Arab News newspaper cited the kingdom’s Energy Minister Khalid al-Falih as saying.
Oil prices since 2000: tmsnrt.rs/2KsgZK2
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Front-month Brent crude futures were at $62.48 at 1026 GMT, up 49 cents, or 0.79%, above Friday’s close. Prices dropped by more than 3% on Friday, with May recording the biggest monthly loss in six months.
U.S. West Texas Intermediate (WTI) crude futures were at $53.95 per barrel, up 45 cents, or 0.84%.
“Saudi Arabia’s preference for continuing with, or even deepening, the OPEC+ output cut commitment has also provided a lift to prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.
“Nevertheless, the escalating trade war of the United States with China, the European Union and Mexico will cap price gains in the run-up to the OPEC+ meeting.”
The group’s next meeting is scheduled for late June.
Global markets have skidded in recent weeks on concerns the economy could stall amid rising trade tensions between the United States and China, the world’s two largest economies and biggest energy consumers.
Source: reuters
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