Oil prices steady, US-China trade dispute remains in focus

Oil prices steadied on Wednesday after falling at the start of the session, with the potential for damage to the global economy and fuel demand from the intensifying Sino-US trade dispute continuing to cast a shadow over the market.

International benchmark Brent crude futures were at $58.97 a barrel by 0221 GMT, up 3 cents, or 0.05 per cent, from their previous settlement and trading near seven-month lows. Meanwhile West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.15 per cent, from their last close to $53.56 per barrel. “It’s not a huge move…What we’re looking at is steady, reflecting concerns among traders whether or not the trade dispute development is fully priced in,” said Michael McCarthy, chief market strategist at CMC Markets.