WASHINGTON (dpa-AFX) - Oil prices rose on Tuesday as tighter global supplies helped outweigh further signs of a protracted trade war between the U.S. and China.
The U.S. is not ready to make a trade deal with China and it is likely that American tariffs on goods from China 'could go up very, very substantially, very easily,' U.S. President Donald Trump said while on a state visit to Japan.
Global benchmark Brent crude edged up 0.2 percent to $68.920 a barrel while U.S. West Texas Intermediate (WTI) futures were up 0.7 percent at $59.06 per barrel.
Oil supply remains tight amid output cuts led by OPEC since the start of the year.
Kuwait's Oil Minister Khaled al-Fadhel reportedly told Reuters on Monday that the oil market will likely be balanced during the 2nd half of 2019, more towards the end of the year.
U.S. sanctions on OPEC members Iran and Venezuela as well as continued fall in Russia's oil production following an unprecedented oil-contamination crisis have also reduced supplies further.
Meanwhile, the Wall Street Journal reported that China has stopped buying oil from Iran due to U.S. sanctions.
OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy.
Copyright RTT News/dpa-AFX
© 2019 AFX News
