Oil prices rise after attack on Saudi oil facility[/rtl]
[rtl]Release Date:: 2019/8/19 9:18 • 85 times read[/rtl]
Crude prices rose on Monday after Yemeni separatists attacked a Saudi oil facility over the weekend as traders looked for signs of easing trade tensions between China and the United States.
But a pessimistic report by the Organization of the Petroleum Exporting Countries has raised concerns about oil demand growth.
Brent crude <LCOc1> was up 64 cents, or 1.1 percent, at $ 59.28 a barrel by 0255 GMT.
US West Texas Intermediate (WTI) crude rose 55 cents, or 1 percent, to $ 55.42 a barrel.
"Oil is benefiting from the general optimism that we will not witness the horrific trade war scenario and after a drone attack on oil and gas facilities in Saudi Arabia warned markets that geopolitical tensions in the Middle East will not end soon," said Edward Moya, chief market analyst in Oanda, New York.
Meanwhile, White House economic adviser Larry Kudlow said US and Chinese trade representatives will hold talks within 10 days and that "if these meetings succeed ... we intend to invite Chinese representatives to come to the United States" to support progress in the negotiations for Ending the trade war that has become a potential threat to global economic growth