LONDON—Oil rose to about $69 a barrel on May 27, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains.
Supply cuts—both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions—have helped Brent crude, the global benchmark, rise by about 29 percent this year.
