Oil prices climb after Saudi oilfield attack

Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-US trade tensions could ease.

But price gains were capped by an unusually downbeat OPEC report that stoked concerns about growth in oil demand.

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT, US crude was up 55 cents, or 1 per cent, at $55.42 a barrel.

“Oil is benefiting from an overall optimism that we won’t see the doomsday trade war scenario and after a drone attack on oil and gas facilities in Saudi Arabia reminded markets geopolitical tensions in West Asia are going nowhere anytime soon,” said Edward Moya, senior market analyst at OANDA in New York.