Oil steadied after slumping on Monday as a risk-off tone returned to global markets following President Donald Trump’s criticism of the Federal Reserve, while concerns over a US-China trade war persist.
West Texas Intermediate futures traded near $63 a barrel after tumbling 2.5% in the previous session. Brent closed above $66. Trump escalated his attack on Fed Chair Jerome Powell on Monday, warning the US economy may slow if the central bank does not move to reduce interest rates.
The president has contemplated firing Powell, prompting investors to sell off US stocks, bonds and the dollar. Oil has plummeted this month, briefly hitting a four-year low, as concerns grow over the fallout from an escalating trade war between the US and its top trading partners.
The decline has been further exacerbated by OPEC+’s unexpectedly swift ramp-up of production, stoking fears of oversupply.
Prices
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WTI for May delivery, which expires Tuesday, rose 0.8% to $63.60 a barrel at 7:32 a.m. in Singapore.
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The more-active June contract rose 0.9% to $62.95.
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Brent for June settlement closed 2.5% lower at $66.26 a barrel on Monday.
. Read more on Markets by NDTV Profit.West Texas Intermediate futures traded near $63 a barrel after tumbling 2.5% in the previous session. Read MoreMarkets, Bloomberg
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