Oil prices rebound after sharp declines

Oil prices rebound slightly after sharp losses amid U.S.-China tensions and demand worries, XMArabia’s Belbarka says.

Oil prices are rebounding modestly after last week’s sharp declines driven by U.S.-China tensions and demand destruction fears, XMArabia Analyst Nadir Belbarka said in a statement sent to Rigzone on Monday.

“President Trump’s plan for 100 percent tariffs on Chinese goods from November 1, alongside geopolitical risks in Ukraine, Gaza, and Russia, has heightened volatility,” Belbarka said in the statement.

“Late-session reassurances, including a potential Xi meeting, stabilized sentiment, but the oil market remains fragile,” the analyst warned.

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Source: Rigzone

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