Oil stabilizes between expectations of "cuts" and the slowing of "demand"

Oil prices changed little on Monday as the market struggled between forecasts that major producers will continue to reduce global supply and fears of a slower growth in crude oil demand due of the trade war between the United States and China.

Brent crude finished up 4 cents to 58.57 dollars a barrel.

West Texas Intermediate (WTI) crude futures prices in the United States rose 43 cents to $ 54.93 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to reduce their supply of crude oil by 1.2 million barrels per day since 1 January.

Kuwaiti Oil Minister Khalid al-Fadhil said on Monday that his country is "fully engaged" in the implementation of the OPEC + agreement, adding that Kuwait has reduced its production by more than required by the # 39; agreement.

He added that fears were exaggerated about the global economic slowdown, which was putting downward pressure on prices, and that global oil demand would pick up in the second half of the year, helping to gradually reduce excess crude stocks.

Claiming that Saudi Arabia, the de facto leader of OPEC, is considering raising prices, Aramco, a state-owned company, is ready to launch what could be the most important public offering to the world's savings, said badysts.

"We will announce (the IPO) on the basis of what the government believes to be the optimal market conditions," said Khalid al-Dabbagh, senior vice president of Aramco's finance, strategy and development.

Saudi officials said the government plans to register Aramco in 2020-21 as part of an agreement considered the cornerstone of Saudi Arabia's economic transformation, attracting foreign investment and diversifying economic activities to reduce dependence on oil.

Analysts said that tensions between the United States and Iran were also perceived as contributing to oil prices.

But they added that further cuts in supply were needed to support prices as pessimistic forecasts of the global economy and growth in oil demand emerged.

The economic outlook in the world has deteriorated with the intensification of the trade dispute between the United States and China, said the Ifo economic institute in Germany in its survey of 1,200 experts in more than 110 countries .

The International Energy Agency said Friday that growing signs of a slowdown in the economy have led to growth in global oil demand at the slowest pace since the 2008 financial crisis.