Oil prices rose on Tuesday as unrest in crude producers Iraq and Ecuador raised ...
SINGAPORE - Oil prices rose on Tuesday as unrest in crude producers Iraq and Ecuador raised supply concerns and demand worries were put on hold as investors awaited the outcome of U.S.-China trade talks this week.
Brent crude LCOc1 rose 44 cents, or 0.8%, to $58.79 a barrel by 0652 GMT, while U.S. West Texas Intermediate crude CLc1 was at $53.17, up 42 cents, or 0.8%. Investors are treading cautiously before U.S.-China talks that will take place in Washington on Thursday, although they are not expected to produce a comprehensive deal to end a trade war between the world’s top economies.
Protests in Iraq and Ecuador threatened to disrupt output from those two members of the Organization of the Petroleum Exporting Countries.The energy ministry in Ecuador, one of OPEC’s smallest producers which is quitting the group next year, said protests against austerity could reduce its oil output by 59,450 barrels per day .
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