Oil gained last week to rise above its 200-day moving average for the first time since May as concerns eased that efforts by the Organization of Petroleum Exporting Countries and its allies to curb output will be offset by rising production elsewhere. Police in Venezuela clashed with demonstrators after a vote Sunday to elect members of a new legislative body that President Nicolas Maduro insisted is needed to restore order after months of protests. “Depending on how the Trump administration decides to proceed going forward, of course that could have implications,” including potentially blocking imports of Venezuelan crude, said Harry Tchilinguirian, a commodities analyst at BNP Paribas SA in London. “It’s very unclear at this stage what course the U.S. administration will follow.” Click Read More below for additional details.
Oil prices steadied on Monday as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude.
Analysts also warn of risks to the global economy from the United States’ trade war with China.
more detail at: https://www.cnbc.com/2019/06/10/reuters-america-update-5-oil-steady-as-fate-of-output-pact-unclear-u-s-china-trade-war-lingers.html