Oil’s trading in a tight range as investors weigh falling U.S. inventories and potential supply curbs in the Middle East against escalating trade tensions between the world’s two largest economies. Futures in New York were little changed after a 0.8 percent gain Monday. They have traded within a $3 range so far in August, the tightest spread since 2003 based on monthly data. While expectations for falling U.S. stockpiles during the summer driving season and fears over lower Iranian exports have supported gains, concerns that a trade war between China and American will hurt consumption have kept a lid on prices.
Source: FuelFix
