The Address | Benghazi – Libya
LONDON – Oil rose to about $69 a barrel on Monday, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains.
Supply cuts – both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions – have helped Brent crude, the global benchmark, rise by 29 percent this year.
Brent was up 48 cents at $69.17 a barrel by 1143 GMT, having fallen by about 4.5% last week. U.S. West Texas Intermediate crude rose 3 cents to $58.66