Oil futures rose on Monday on increasing concerns about supply disruptions in th...
TOKYO - Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks.
U.S. West Texas Intermediate futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement. “Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.
Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June.
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