Oil bounces back, but markets remain fragile amid trade disputes

Author:

Reuters

article author:

ID:

1558674591971577500

Fri, 2019-05-24 02:34

SINGAPORE: Oil prices jumped more than 1 percent on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories — their steepest drops since the start of the year.
Brent crude futures, the international benchmark for oil prices, were at $68.50 per barrel at 0231 GMT, up 74 cents, or 1.1 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 63 cents, or 1.1 percent, at $58.54 per barrel.