Oil prices edge up, supported by Iran ship attack, US-China trade detente
SINGAPORE, Oct 14 (Reuters) – Oil prices were little changed on Monday, holding onto 2 per cent gains from Friday amid renewed geopolitical tensions in the Middle East, while a detente in the US-China trade war buoyed market sentiment.
Brent crude futures rose 9 cents to $60.60 a barrel by 1208 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.79 a barrel, up 9 cents.
Both contracts rose more than 3 per cent last week, their first weekly gain in three weeks.
Most of the gains were posted on Friday after an Iranian oil tanker was attacked off Saudi Arabia’s coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.
