Oil Price - May 13

[dan_s]

Trading Economics:
> WTI crude oil futures rose to $63.80 per barrel on Tuesday, a fourth straight gain to test the highest level in over one month, amid fresh sanction threats against Iran and an improved outlook on global trade flows.
> In a speech before Saudi officials, US President Trump reiterated the threat of sanctions against Iranian oil should they not agree to their nuclear deal.
> In turn, concerns of widespread economic pain eased after the US and China agreed to momentarily lower tariffs against each other. However, uncertainty remains over what will happen once the 90-day truce expires.
> The rebound in futures took place despite Saudi Arabia's push to raise oil production and penalize members failing to meet output targets.
> OPEC's total output has risen more than expected since April, with production in May likely up by 411,000 barrels per day.
> Oil is still down 10% since early April, when reciprocal US tariffs raised fears about weaker global growth and reduced fuel demand.