2020.05.2509:45:00UTC+00Oil Prices Mixed Amid Escalating US-China Tensions

Oil prices were trading mixed on Monday as rising tensions between the United States and China overshadowed investor optimism over economic reopening.

Benchmark Brent crude was marginally lower at $35.12 a barrel, while U.S. crude futures were up 0.6 percent at $33.44 a barrel.

The return of U.S.-China tensions has soured risk sentiment and rekindled concerns over worldwide fuel demand.

Beijing's move to impose security laws on Hong Kong has heightened concerns about the future stability of the city and global trade prospects.

Hong Kong residents defied social distancing rules and protested on streets while the U.S. Commerce Department responded by adding 33 Chinese companies and other institutions to a blacklist for human rights violations and to address U.S. national security concerns.

Taiwan offered help for pro-democracy protesters who seek asylum on the island.

The U.S. should give up its "wishful thinking" of changing China, Chinese Foreign Minister Wang Yi said, warning that American leaders are potentially pushing toward a new Cold War.