21/05/2019
*SINGAPORE (Reuters)
Oil prices rose on Tuesday due to the rising tensions between Iran and the United States and expectations that OPEC will continue to curb supplies this year.
But the gains have dampened fears that a continuing trade war between Washington and Beijing could slow the global economy.
Brent crude was up 21 cents, or 0.3 percent, from the previous close.
US crude futures rose 31 cents, or 0.5 percent, to $ 63.41 a barrel.
"Tensions between the United States and Iran have increased," said Jasper Lawler, head of research at Capital Wars Brokerage in London, in addition to indications that OPEC will continue to reduce production, which will be driving oil to rise.
On Monday, US President Donald Trump threatened Iran that it would face "enormous power" if it attacked US interests in the Middle East.
This comes after a rocket attack on the Iraqi capital Baghdad, which Washington doubts in the presence of an armed group linked to Iran behind it.
Tensions come in a market already scarred as the Organization of Petroleum Exporting Countries (OPEC), Russia and other producers have been holding back supplies since the beginning of the year to support prices.
A meeting is scheduled for June 25-26 to discuss production policy, but the Organization is currently considering postponing the meeting to July 3-4, according to OPEC sources on Monday, with Saudi Arabia signaling a willingness to continue curbing supplies.
