A truck used to hold sand for fracking is washed in a truck cease in Odessa, Texas.
Oil futures had been little modified on Tuesday, supported by U.S.-Iran tensions and expectations of ongoing OPEC supply cuts however underneath stress from considerations a couple of drawn-out commerce warfare between Washington and Beijing.
“The 2 highly effective countervailing forces out there proper now are the Iran tensions versus the deteriorating U.S.-China commerce warfare state of affairs,” mentioned John Kilduff, a accomplice at Once more Capital in New York.
The commerce warfare “actually hits the Asian economies and the demand outlook, and this example with Iran has the market on tenterhooks on the similar time,” Kilduff mentioned.
Brent crude futures, the worldwide benchmark for oil costs, rose 6 cents to $72.03 per barrel round 2:35 p.m. ET (1835 GMT). U.S. West Texas Intermediate crude futures settled 11 cents decrease at $62.99 per barrel.
The extended tariff combat between the US and China raised considerations a couple of world financial…