Oil Rises on Expected OPEC Cuts, but Markets Wary on Trade Woes

Despite that, markets remained wary amid deep trade disputes between the world’s two biggest economies, the United States and China.

Front-month Brent crude oil futures LCOc1 were at $67.21 per barrel at 0609 GMT, up 45 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 58 cents, or 1 percent, at $57.04 per barrel.

Despite that, markets remained wary amid deep trade disputes between the world’s two biggest economies, the United States and China.

Front-month Brent crude oil futures LCOc1 were at $67.21 per barrel at 0609 GMT, up 45 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 58 cents, or 1 percent, at $57.04 per barrel.

Put off by a surge in supply and the slowdown in demand, financial markets have been becoming increasingly wary of the oil sector, with money managers cutting their bullish wagers on crude futures and options to the lowest level since June 2017, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

The speculator group cut its combined futures and options positions on U.S. and Brent crude during the week ended Nov. 13 to the lowest since June 27, 2017.