Singapore: Oil’s rally stuttered as uncertainty over the status of trade negotiations between the US and China stoked concerns over global economic growth.
Futures for May were little changed in New York after dropping as much as 0.4%. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by an American Petroleum Institute report that was said to show US crude stockpiles declined 2.13 million barrels last week before government data due Wednesday.
Crude has surged nearly 30% this year on Saudi-led output cuts by the OPEC+ coalition that seeks to avert a global glut, and as American sanctions have also squeezed supplies from Venezuela and Iran.
