Market News
Oil prices ease on concerns over rising supply, US-China trade deal caution - REUTERS
By Trixie Sher Li Yap and Stephanie Kelly
Summary
- Markets cautious on impact of US-China tariff relief
- Bearish supply outlook weighs on prices
- Demand and strong refining margins may be silver lining, some analysts say
May 13 (Reuters) - Oil prices eased on Tuesday from a two-week high, weighed down by concerns about rising supplies and some caution over whether the pause in the U.S.-China trade war indicated a longer-term deal was likely.
Brent crude futures dropped 11 cents, or 0.2%, to $64.85 per barrel by 0510 GMT. U.S. West Texas Intermediate (WTI) crude fell 8 cents, or 0.1%, to $61.87.
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Both benchmarks closed about 1.5% higher on Monday at their steepest settlements since April 28. The gains come during a turbulent time for global oil markets.
