Oil recovers from 2-week low; US-China trade war caps gains
SYDNEY: Oil prices edged higher on Monday, rebounding from a two-week low in the previous session, although gains were checked by concerns about the outlook for the global economy.
US West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.3 per cent to $56.05 a barrel. WTI fell to $54.75 a barrel on Friday, its lowest since Sept. 13, when prices closed down 0.9 per cent.
Brent crude futures rose 21 cents, or 0.3 per cent, to $62.12 a barrel, having dipped as low as $60.76 a barrel on Friday when prices fell 1.3 per cent.
Saudi Arabia’s crown prince warned in an interview broadcast on Sunday that oil prices could spike to “unimaginably high numbers” if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.
