Oil Prices Rise; Middle East Tension, China-U.S. Trade Worries Remain in Focus
Oil prices rose on Monday in Asia as tensions in the Middle East and Sino-U.S. trade worries remained in focus.Last week, oil prices recorded their deepest loss in almost two months despite the fact that weekly data showed another outsize U.S. crude inventory drawdown.
Continued trade concerns between the U.S. and China were cited as a catalyst for the selling of oil. Trump said last week a trade deal with China might not happen right away and that he is considering heavier tariffs against Beijing.
Tension in the Middle East also received some continued focus today. It was reported that Iran seized a British-flagged oil tanker in the Strait of Hormuz, adding to tensions in the area. It was not clear why the Iranians had seized the tanker, but state-run media said it was for violations of international regulations.
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