Oil was steady after a sluggish session on Monday, with traders monitoring the latest U.S. moves in the trade war and the prospect of easing curbs on Iranian crude.
West Texas Intermediate held near $62 a barrel, with Brent settling just below $65. A degree of calm returned to Wall Street on Monday, with stocks and bonds gaining after a tumultuous week in the grip of President Donald Trump's disruptive tariff policies.
Oil has fallen about $10 this month as the trade war stoked fears of a global recession that would hurt energy demand, especially in the U.S. and China — the biggest consumers of crude. Those concerns have led agencies to cut demand outlooks and analysts to cut price forecasts, with the possibility of a supply glut heightened by OPEC+'s surprise decision to bring back production sooner than expected. (Newsmaker23)
Source: Bloomberg
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