Crude oil prices were mixed Tuesday as tensions in the Gulf appeared to stop short of a military showdown and both sides in the U.S.-China trade talks sounded conciliatory tones, signaling a deal may be possible, Kallanish Energy reports.
Brent crude futures were at $70.40 a barrel at 0755 GMT, up 38 cents, or 0.24%. Brent ended Monday’s trading session down 0.6%.
U.S. West Texas Intermediate crude futures Tuesday were $60.92/Bbl, down 12 cents, or 0.2%. WTI closed down 1% Monday.
Negotiations between the U.S. and China appeared headed towards success last week, but have largely come apart over U.S. accusations Beijing sought last-minute changes.
China on Monday moved to impose higher tariffs on a range of U.S. goods, including liquefied natural gas.
President Trump said he expected to speak to Chinese President Xi Jinping at a G20 summit in late June, and have “probably a very fruitful meeting.”
Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates Sunday, describing it as an attempt to undermine the global oil supply.
U.S. officials were saying Iran was the likely culprit. Tehran has been in an escalating war of words with the U.S. over stricter U.S. sanctions, which have cut its oil exports and tightened global supply. Iranian officials denied responsibility for the incident.
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