Oil Holds Steady As Investors Watch for Trade War Developments
- Market eyes Sunday tariff deadline for world demand direction
- Saudi Arabia announced output cuts beyond OPEC+ agreement
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Oil settled near the highest close since September as investors shifted their focus to the ongoing U.S.-China trade talks ahead of the looming tariff deadline.
Futures in New York fell 0.3% on Monday after rising 7.3% last week. Saudi Arabia voluntarily pledged to pump 400,000 barrels a day less than mandated by OPEC and its allies, translating to total overall curbs for the group of 2.1 million barrels a day. However, gloomy demand data capped that bullish impact, with an unexpected decline in Chinese exports last month as a consequence of the U.S.-China trade war.