Brent Tilts Into The Red, But US-China Trade Truce Limits Losses

Brent crude oil declined on May 21, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.

Brent crude futures eased by 12 cents to $78.39 a barrel by 1:52 GMT, having reached a session high of $79.19. U.S. crude futures were up 30 cents at $71.55.

“Oil prices are finely balanced in today’s trading session. Ramping up of oil production in the U.S. and concerns surrounding high oil prices impacting demand are weighing,” said Abhishek Kumar, senior analyst at Interfax Energy’s Global Gas Analytics.