SINGAPORE: Oil prices, which have been driven higher for the past four weeks, were steady on Monday (May 25), with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.
Brent had eased by 5 cents, or 0.14% to US$35.08 a barrel by 1014 GMT, while US oil gained 14 cents, or 0.42% to US$33.39 a barrel. Both are down around 45% so far this year.
Rising tensions between the United States and China, the world's largest oil consumers, over moves by Beijing to impose security legislation on Hong Kong also fuelled concerns about the outlook for demand. Prices are finding support from global supply cuts with the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, now nearly a month into a deal to voluntarily withhold 9.7 million barrel per day of production.
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