Brent rises for first day in 4 amid attempts to recover from 4-month low

Brent prices kept rising at the opening of the US market on Monday, to get closer to the first gain in four days, amid attempts to recover from a four-month low, reached earlier in the Asian market, on the global trade wars, and their negative impact on the global economy and fuel demand levels.

As of 12:40 GMT, Brent crude rose to $62.55 a barrel from the opening price of $62.59, with a high of $62.71 and a low of $60.53 (lowest since February 1).

Brent crude fell by 4.8% on Friday, its third daily loss, after the United States opened a new front in trade wars with Mexico.

In May, global oil prices lost an average of 15%, the first monthly loss this year, and the biggest monthly loss since November 2018, due to concerns of the global economy.

US President Donald Trump intensified the global trade tensions by threatening to impose additional tariffs on Mexican imports, as Mexico is one of the largest trading partners of the United States and a major supplier of crude oil.

Goldman Sachs said on Sunday that the escalating trade wars and weaker global economic activity had reduced sentiment in the oil market.

The Bank added that "The volume and speed of oil price movements have been pushed down by the growing concerns about strong US production and the rising crude inventories".

Trade disputes between the United States and China remain the most important to the outlook for the global economy, but the addition of tensions between the United States and Mexico have given a slower picture of the economy and therefore a weaker global demand prospects for oil.