SINGAPORE (Reuters) – Oil prices held on to three-month highs on Monday, underpinned by optimism over an expected China-U.S. trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following a U.S. air strike.
Investors remained cautious despite news of the U.S. strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned “additional actions” may be taken.
West Texas Intermediate (WTI) crude futures CLc1 rose 4 cents to $61.76 a barrel by 0800 GMT. The U.S. benchmark is up about 36% so far this year.
Brent crude futures LCOc1 were at $68.33 a barrel, up 17 cents, or 0.3%. The international benchmark has risen around 27% in 2019.
“(Trading) has been relatively flat due to lack of market participants in the holiday season,” said market analyst Margaret Yang of CMC Markets.
“Oil prices have reached their highest level since the Saudi oil field attack in Mid Sep, and thus traders are also cautious about…
Source news reuters.com, click here to read the full news.