On Monday, oil prices’ surge was balanced by the uncertainty in demand in the midst of the strong supply cuts from producers.
Brent crude oil futures climbed to USD35.81/barrel by 16.59 GMT. US WTI went flat at USD33.74/barrel, but there was no US settlement due to the Memorial Day holiday.
The demand uncertainty was contributed by the rising US-China tensions on geopolitical issues. The uncertainty has made the American Automobile Association (AAA) to not release its Memorial Day travel forecast.
The prices still found support from the global supply cuts from the Organization of the Petroleum Exporting Countries and its allies (OPEC+). The group has slashed oil production by 9.7 million bpd for almost a month.
The fall in the US rig count also buoyed the price as it hit a record low of 318 in the week ended May 22, falling by 21 units, according to Baker Hughes.
