SINGAPORE: Oil prices were stable on Monday amid ongoing supply cuts by producer club OPEC, although markets remained tense amid concerns the Sino-U.S. trade war could trigger a broad economic slowdown.
Front-month Brent crude futures, the international benchmark for oil prices, were at $68.79 per barrel at 0247 GMT, up 10 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $58.54 per barrel, 9 cents below their last settlement.
“The relative strength of the very short-end of the (price) curve likely reflects the market pricing in a known variable of lower supplies from OPEC ,” said Edward Bell, commodity analyst at Emirates NBD bank.
