2019.12.1010:02:00UTC+00Oil Holds Steady In Cautious Trade

Oil prices held steady on Tuesday as investors fretted about trade war tensions and slowing global growth.

Benchmark Brent crude edged up 0.1 percent to $64.28 per barrel, while West Texas Intermediate oil futures were little changed at $59.02.

Growth concerns persist after an unexpected fall in exports from China highlighted the impact of the U.S.-China trade conflict.

Underlying sentiment remains cautious despite United States Agriculture Secretary Sonny Perdue saying that he does not believe the tariff hike on Chinese imports will go into effect on December 15th. He said he wants "movement" from China to avoid them.

Meanwhile, there is a feeling that world oil markets remain well supplied despite the recommendation of the oil exporting countries to deepen the cuts by 500,000 barrels per day to existing 1.2 million barrels per day. The total curb of 1.7 million barrels per day would amount to 1.7 percent of global crude supply.