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Oil prices stable amid OPEC supply cuts, but US-China trade war drags

Front-month Brent crude futures, the international benchmark for oil prices, were at $68.79 per barrel at 0247 GMT, up 10 cents, or 0.2 percent, from their last close.

May 27, 2019 / 08:36 AM IST

Oil prices were stable on Monday amid ongoing supply cuts by producer club OPEC, although markets remained tense amid concerns the Sino-U.S. trade war could trigger a broad economic slowdown.

Front-month Brent crude futures, the international benchmark for oil prices, were at $68.79 per barrel at 0247 GMT, up 10 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $58.54 per barrel, 9 cents below their last settlement.

"The relative strength of the very short-end of the (price) curve likely reflects the market pricing in a known variable of lower supplies from OPEC+," said Edward Bell, commodity analyst at Emirates NBD bank.