London — Oil prices steadied on Monday as news that China planned to ship large volumes of US crude in August and September countered rising tensions between the two countries and a delay in the review of their trade pact over the weekend.
The US and China delayed a review of their Phase 1 trade deal initially slated for Saturday, citing scheduling conflicts.Record crude imports from China and the easing of Covid-19 restrictions globally have supported oil prices in recent weeks, although new waves of coronavirus outbreaks in several countries are expected to cool consumption again.
Investors are also looking for more clues on future supply from a meeting this week of a panel representing ministers of the Organization of the Petroleum Exporting Countries and its allies, a group known as Opec+. Iran’s oil minister, Bijan Zanganeh said “Opec’s performance has been successful because the price of oil has risen from $16 in May to about $45 and has stabilised.”
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