NEW YORK (Reuters) – Oil prices were steady in volatile trading on Monday as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude. <\/p>\n
FILE PHOTO: A view shows a well head and a drilling rig in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 11, 2019. REUTERS\/Vasily Fedosenko\/File Photo<\/span><\/p>\n<\/figcaption><\/div>\n<\/div>\n Brent crude futures rose 2 cents to $63.31 a barrel by 11:02 a.m. EDT (1529 GMT). U.S. West Texas Intermediate (WTI) crude gained 23 cents to $54.22 a barrel. <\/p>\n Saudi Energy Minister Khalid al-Falih said that Russia was the only oil exporter still undecided on the need to extend the output deal agreed by top producers. <\/p>\n The Organization of the Petroleum Exporting Countries and some non-members, including Russia, have withheld supplies since the start of the year to prop up prices. The deal is due to expire this month. <\/p>\n Yet, Russian energy minister Alexander Novak said there is a still a risk that oil producers pump out too much crude and prices fall sharply. Novak said he could not rule out a drop in oil prices to $30 per barrel if the global deal was not extended. <\/p>\n \u201cIndeed, there are big risks of over-production. But on the whole … we need to analyze deeper and look at how the events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July.\u201d <\/p>\n Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Novak said. <\/p>\n On the demand side, analysts remained concerned about a slowing global economy due to the United States\u2019 trade war with China. <\/p>\n U.S. President Donald Trump said additional tariffs on Chinese goods were ready to kick in after the G20 summit this month if no trade deal is reached with China. <\/p>\n China\u2019s foreign ministry said that China is open for more trade talks with Washington but has nothing to announce about a possible meeting. <\/p>\n China\u2019s crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by U.S. sanctions and refinery maintenance. <\/p>\n \u201cAs U.S.-China tariff concerns heighten, we see more downward adjustments to world oil demand both across this year and next in providing a limiter on occasional price advances,\u201d Jim Ritterbusch of Ritterbusch and Associates said in a note. <\/p>\n Barclays bank, in a note, said its economists had revised down their GDP growth outlook for the United States, China, India and Brazil – countries that account for more than three-quarters of their oil demand growth assumptions for this year. <\/p>\n \u201cThe revisions imply a 300,000 barrel per day reduction in our current global oil demand outlook of 1.3 million barrels per day year-on-year for this year,\u201d the British bank said. <\/p>\n Additional reporting by Noah Browning in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and Kirsten Donovan<\/p>\n<\/div>\n<\/div>\n