Oil futures were flat on Tuesday as the prospect of U.S.-Iran tensions disrupting supply was offset by concerns that a drawn-out trade war between Washington and Beijing would weigh on crude demand.
Brent crude futures, the international benchmark for oil prices, shed 1 cent to $71.96 a barrel by 1:08 p.m. EDT (1708 GMT)
U.S. West Texas Intermediate (WTI) crude futures were down 13 cents to $62.97 a barrel, ahead of the front month contract for June delivery going off the board on Tuesday. The July contract was trading at $63.08 a barrel.
“The situation with China is as bearish as the Iran situation is bullish. That’s why I think we continue to be here in a stalemate,” said John Kilduff, a partner at Again Capital LLC in New York.
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