Oil Holds Advance After Trump Sends Warships to the Middle East
Tuesday, 7 May 2019 07:42 WIB | COMMODITY |MinyakWTIBrent

Oil holds gain in Asia after rising late Monday as the Trump administration dispatched warships to the Middle East in a warning to Iran.

Futures in New York were 0.1 percent lower, after rising 0.5 percent Monday. That gain marked a sharp reversal from losses of over two percent earlier in the session after President Donald Trump threatened to escalate his trade war with China. The U.S. is sending an aircraft carrier to help ensure oil shipping lanes remain clear after Iran threatened to block the Strait of Hormuz in retaliation for Trump tightening sanctions against the Islamic Republic last week.

Trade tensions remain a concern for the demand outlook, with Trump™s top trade negotiator Robert Lighthizer saying Monday that the U.S. plans to raise tariffs on Chinese goods Friday after accusing Beijing of backpedaling on prior commitments.

West Texas Intermediate crude for June delivery was 6 cents lower at $62.19 a barrel on the New York Mercantile Exchange as at 8:38 a.m. Sydney time. June WTI added 31 cents to $62.25 a barrel Monday

Brent for July settlement climbed 39 cents to $71.24 a barrel on the London-based ICE Futures Europe exchange.

Source : Bloomberg

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