Oil prices rise after the attack of a Saudi facility

SINGAPORE (Reuters) – Crude oil prices rose Monday after the attack on a Saudi oil facility by the Houthis this weekend, as traders sought signs of easing trade tensions between China and the United States.

But a pessimistic report from the Organization of Petroleum Exporting Countries raised concerns about growing oil demand.

Brent was up 64 cents, or 1.1%, to $ 59.28 a barrel at 0255 GMT.

US West Texas Intermediate Crude increased 55 cents, or 1%, to $ 55.42 per barrel.

Edward Moya, chief market analyst at Oanda, NY, said: "The oil is taking advantage of the general optimism that we will not witness the horrific scenario of Commercial war.After the attack of a drone against oil and gas facilities in Saudi Arabia, the markets announced that geopolitical tensions in the Middle East would not end. "

Larry Kudlow, White House economic adviser, said the US and Chinese trade representatives would begin negotiations in 10 days. "If these meetings succeed, we intend to invite China to come to the United States," he said. Progress in negotiations to end the trade war, which now poses a potential threat to global economic growth.

(Reuters)