World News: 12:53 GMT Monday 27th May 2019. [Yahoo Business News Feed via SPi World News]
Oil rose to about $69 a barrel on Monday, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains. Supply cuts - both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions - have helped Brent crude, the global benchmark, rise by 29 percent this year. 'The main factor preventing the market from going higher on the geopolitical news is really the concern about the global economy,' said Petromatrix oil analyst Olivier Jakob.
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