Oil prices edged up on Monday toward a 2019 high achieved last week as sanctions and political uncertainty tightened supply in several producer countries and U.S.-China talks appeared headed toward success.
But record U.S. exports and continued anxiety over poor economic data worldwide this year may curb gains.
International Brent crude oil futures were at $67.28 a barrel at 0950 GMT, up 16 cents, or 0.24 percent, from their last close. On Friday, they briefly touched their highest levels since Nov. 16 at $67.73 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $57.39 per barrel, up 13 cents, or 0.23 percent, from their last settlement. WTI futures marked their highest since Nov. 16 at $57.81 a barrel.
"Risk appetite across global markets should improve as President Trump extends the deadline of trade talks with China," Harry Tchilinguirian, global oil strategist at BNP Paribas in London, told the Reuters Global Oil Forum.
"Supply risk is ever present with Venezuelan tensions brewing a notch higher ... the National Oil Corporation in Libya refusing to start production at the El Sharara field," he added, while also citing uncertainty over elections in top African oil exporter Nigeria.
No comments:
Post a Comment