OIL PRICE: ABOVE $68
REUTERS - Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts.
Front-month U.S. West Texas Intermediate (WTI) crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement.
Spot Brent crude futures, the international benchmark for oil prices, were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close.
Both crude contracts last week registered their biggest price declines this year amid concerns that the U.S.-China trade dispute could accelerate an international economic slowdown.
Money managers cut their net long U.S. crude futures and options positions in the week to May 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Beyond financial markets, there are also signs on the ground of a slowdown in growth in oil demand.
Amid the trade conflict between the United States and China, profits for China's industrial firms dropped in April on slowing demand and manufacturing activity, according to data published by the National Bureau of Statistics (NBS) on Monday.
China's automobile sales, a key driver of global oil demand growth, will reach around 28.1 million units this year, unchanged from levels seen in 2018, when the country's auto market contracted for the first time in more than two decades, state news agency Xinhua reported on Sunday.
The outlook for flat car sales may be too optimistic still, as monthly sales have so far declined for 10 consecutive months.
A bright spot for carmakers, although not for the oil industry, is that sales of new energy vehicles are likely to grow by about 27 percent to hit 1.6 million units, from 1.26 units in 2018, the report said.
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