2019.06.0308:00:00UTC+00Oil Futures Recover After Early Setback

Crude oil prices rebounded after a weak start on Monday, with traders speculating the OPEC and its allies would work to bring in stability in the oil market during the second half of the year.

Saudi Energy Minister Khalid al-Falih is reported to have said that OPEC and its allies are coming to a consensus to bring in stability in the market.

Some corrective buying after steep losses last week contributed as well to the recovery in prices of crude futures.

West Texas Intermediate Crude oil futures for July are gaining $0.60, or 1.12%, at $54.10 a barrel, after having slumped to $52.11 a barrel earlier.

Brent Crude oil futures for August are up $0.70, or 1.13%, at $62.69 a barrel, recovering from a low of $60.55 a barrel.

Crude oil futures tumbled earlier in the session as worries about global growth and likely drop in energy demand continued to weigh on the commodity.

An escalation in U.S.-China trade war, announcement of tariffs on Mexican goods and higher crude stockpiles in the U.S. pushed down crude oil prices by about 5.5% on Friday. Oil futures lost as much as 8.7% last week and shed more than 16% in the month of May.