Oil prices were mixed yesterday as prices were caught between concerns over global supply and fears that the US-Chinese trade conflict will hurt demand. Brent crude fell by 9 cents, or 0,1 percent, to $70,02 a barrel by 1245 GMT, with prices repeatedly veering above and below $70 in choppy trading.
US West Texas Intermediate (WTI) was up 47 cents, or 0,8 percent at $59,10. US crude futures were trading for the first time since Friday after a long holiday weekend.
Investors, however, are concerned that the trade war between the United States and China could hit the global economy and dent fuel consumption.
Brent futures last week registered a decline of 4,5 percent and WTI was slid by 6,4 percent for its biggest weekly loss since December.
“Oil prices lack direction because the oil market currently finds itself caught between supply risks and concerns about demand,” Commerzbank said in a note.
“A whole host of poor economic data from the major economic areas of the US, China and Europe, plus the entrenched situation in the trade talks, are not good news for the demand outlook.”
On the flip-side, crude has gained support from supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies since the start of the year, with political tensions in the Middle East another bullish influence