Oil Gains as Saudi Outlays Shrink Amid Simmering Demand Fears
- Trump says planned trade talks with China could be called off
- WTI posts third day of gains in otherwise downtrending month
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Oil advanced as the world’s biggest oil exporter opened its books to investors amid a deepening U.S.-China trade war that has imperiled global energy demand.
Futures settled 0.8% higher in New York on Monday. Saudi Arabia’s state-owned oil explorer curbed capital spending by 12% in the past year, a potential harbinger of tightening supplies. Meanwhile, U.S. President Donald Trump said trade talks with China set for next month may fall through, and American orders for gasoline from European refiners waned.