A pump jack and pipes at an oil field near Bakersfield, California.
Lucy Nicholson | Reuters
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.
Brent crude was up 45 cents, or 0.8%, at $59.09 a barrel at 0035 GMT,
U.S. crude was up 39 cents, or 0.7%, at $55.26 a barrel.
Prices rose after the drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday added to Middle East tensions. The attack caused a fire at a gas plant, but state-run Saudi Aramco said oil production was not affected.
Still, concerns about an economic recession and the impact on oil demand growth weighed on prices.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and…