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Investing.com - Oil prices were mixed on Tuesday, still caught between conflicting concerns that the U.S. - China trade war will hit demand and fears of politically-driven disruptions to global supply.
Global benchmark Brent crude futures were at $68.83 a barrel by 09:10 AM ET (13:10 GMT) after rising above $70 earlier.
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U.S. West Texas Intermediate (WTI) futures were up 1.4% or 84 cents to trade at $59.48 per barrel as U.S. markets reopened following a long holiday weekend.
Investors, however, are concerned that the trade war between the United States and China could hit the global economy and dent fuel consumption.
"Oil prices lack direction because the oil market currently finds itself caught between supply risks and concerns about demand," Commerzbank said in a note.
"A whole host of poor economic data from the major economic areas of the U.S., China and Europe, plus the entrenched situation in the trade talks, are not good news for the demand outlook."
On the flip-side, crude has gained support from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies since the start of the year, with political tensions in the Middle East another bullish influence. That deal on output restraint is up for review in the last week of this month.
"Questions are also being raised over the unity of OPEC+ as Russia becomes increasingly concerned about losing its market share of oil exports to the U.S," said Abhishek Kumar, head of analytics at Interfax Energy in London.
No political solution appears forthcoming to end U.S. sanctions that have largely taken Iranian and Venezuelan crude out of global markets.
"Brent is likely to resume its upward trend in line with its fundamentals, which are tight," said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.
--Reuters contributed to this report
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