Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease, Report informs citing the RIA Novosti.
But price gains were capped by an unusually downbeat OPEC report that stoked concerns about growth in oil demand.
Brent crude LCOc1 was up 64 cents, or about 1.1%, at $59.28 a barrel at 0255 GMT,
U.S. crude CLc1 was up 55 cents, or 1%, at $55.42 a barrel.
The attack in Saudi Arabia is “keeping markets firm”, said Michael McCarthy, chief markets strategist at CMC Markets Asia Pacific Pty in Sydney. The apparent easing of tensions between the US and China is also helping, he said.