Crude oil prices ended Monday’s trading session little changed as U.S.-China trade talks are slated to resume later this week, Kallanish Energy reports.
Brent crude rose 13 cents, or 0.2%, to $58.50 a barrel, while U.S. West Texas Intermediate crude was down 0.1%, at $52.75/Bbl.
Both futures contracts ended last week with a more than 5% decline after poor manufacturing data from the U.S. and China, with the trade row between the world’s top economies undermining global economic prospects.
U.S. and Chinese officials meet in Washington on Oct. 10-11 in the most recent effort to work out a deal, which U.S. President Trump said his administration had a “very good chance” of achieving.
On the supply side, anti-government unrest permeates Iraq. The unrest helped buoy oil prices earlier in the day, with Brent and WTI gaining more than 1% each at one point.
The Buzzard oilfield in the British North Sea was also shut for pipe repair work, China’s CNOOC said Friday, while Royal Dutch Shell maintains force majeure on exports of Bonny Light crude in Nigeria.
Still, Total’s giant Johan Sverdrup offshore oil field started up in the North Sea this month with a goal of achieving 440,000 barrels per day at peak production. (See accompanying story elsewhere in this issue.)
Libya’s National Oil Corp. (NOC) said Sunday it would close the Faregh oil field at Zueitina port for scheduled maintenance from Oct. 7 through Oct. 14.
But analysts said the resumption in Saudi Arabian production after Sept. 14 attacks could undermine a price rally.
Despite Monday’s gains, Brent is still down more than 20% from the 2019 peak of $75.60 a barrel recorded in April.
But OPEC Secretary-General Mohammed Barkindo said it was still too early for the group to discuss deeper oil output cuts to support prices, Russian news agency TASS reported Monday.
This post appeared first on Kallanish Energy News.