Oil steadies after brief slide on Trump's US-China trade comments

Oil prices surge as Saudi seeks more supply cuts

Furthermore, the volatility of oil prices can be traced to the lingering trade agreement between the US and China, causing growing trade tension globally.

Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT).

The Organization of Petroleum Exporting Countries and its allies, who will gather in Vienna in the coming days, are poised for a debate about some nations' lax implementation of production cuts. West Texas Intermediate (WTI) futures rose 91 cents, or 1.7%, to $56.08 a barrel, having risen by more than $1 earlier.

Limited recovery on Monday, following last Friday's 5% drop and today's action holding in red, increases risk of extension of pullback from recent tops at $58.67/62.

Business a.m learnt that OPEC and its allies are in talks to further increase the existing supply cut of 1.2 million barrels per day (bpd) by 4,000 bpd with an extension till June 2020.

Also, the Saudi government is on the verge of putting out a strategy into the market to woo investors before the initial public offering of its oil company, Saudi Aramco.

The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added.

USA threatens 100% tariffs on certain French goods
Asked if the NHS should be on the table in trade talks, Mr Trump said: "No, not at all, I have nothing to do with it". French Finance Minister Bruno Le Maire said the us tariff threat is "simply unacceptable".

OPEC and its allies, including Russian Federation, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million now to help reduce a global supply overhang, JPMorgan said in a note on Tuesday.

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging U.S. economic data.

It remains unclear if there is consensus within the group to achieve a deeper cut.

United States crude inventories probably shrank by 1.5 million barrels last week, according to a Bloomberg survey.

While OPEC may cut output, U.S. producers have been happy to meet any market shortfalls with record-setting output.

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