Oil Prices Rise Amid Reduced Supplies And Fears About A Trade War

Baghdad, Oil prices rose on Monday as OPEC continued to cut supplies, but Brent crude remained below $ 70 a barrel amid concerns over the ongoing US-China trade war.

Crude remained below $ 70 a barrel amid concerns over the ongoing US-China trade war.

Brent crude was up 41 cents, or 0.6 percent, at $ 69.10 a barrel from the previous close.

US WTI crude futures rose 10 cents, or 0.2 percent, to $ 58.73 a barrel.

A group of producers led by the Organization of the Petroleum Exporting Countries (OPEC) have cut supply since the beginning of the year to support prices.

But gains on Monday did not offset last week’s decline as crude oil futures posted the biggest price drop this year amid fears that the US-China trade dispute could accelerate the global economic slowdown.

Source: National Iraqi News Agency