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Oil traded near $56 a barrel as the U.K. deployed a warship to the Strait of Hormuz to help escort commercial ships. while U.S.-China trade talks are set to resume amid tempered expectations for a breakthrough.
Futures eased slightly in New York after rising 1% last week. The U.K. has sent one of its Type 45 warships to the region after Iran seized a British oil tanker. heightening tensions in one of the world’s major energy chokepoints. Chinese and American negotiators meet in Shanghai this week with neither showing an urge to compromise in their dispute that has dented demand.
Oil is heading for its second monthly loss this year as a gloomy economic outlook eclipses concerns crude flows may be disrupted from the Middle East. Hedge funds added to bets on a slump in New York futures at the fastest pace in almost a year after disappointing manufacturing data out of America and Germany last week bolstered fears of declining demand.
West Texas Intermediate for September lost 10 cents to $56.10 a barrel on the New York Mercantile Exchange as of 10:06 a.m. Singapore time. The contract rose 18 cents on Friday. rising for the fifth time in six days.
Brent for September settlement fell 21 cents to $63.25 a barrel on the ICE Futures Europe Exchange. It capped a 1.6% weekly gain on Friday. The global benchmark crude traded at a $7.15 premium to WTI.
