Oil prices steadied after a sharp decline with the prospect of more OPEC+ supply weighing on the outlook, as the U.S.-China trade war continues.
West Texas Intermediate crude futures were trading above $57 a barrel after falling 2% on Monday, with Brent crude settling near $60. Saudi Arabia has warned of further output increases if the group's overproducing members don't follow suit, following its decision to significantly increase output in June, delegates said.
Read More: Saudi Raises Oil Prices to Asia Despite More OPEC+ Supply
The supply increases by OPEC and its allies have added to bearish pressure on oil futures, which are near a four-year low as trade tensions between the world's two largest economies threaten global growth. U.S. President Donald Trump has said he is willing to lower tariffs on China "at some point," but has no plans to speak to his Chinese counterpart this week. (Newsmaker23)
Source: Bloomberg
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