\n Oil Updates \u2014 crude holds in tight range as rising output offsets Russia supply disruptions\n <\/p>\n
\n\tSINGAPORE: Oil prices traded in a tight range on Monday as worries about rising output and the impact of US tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes.<\/p>\n
\n\tBrent crude fell 30 cents, or 0.44 percent, to $67.18 a barrel by 7:00 a.m. Saudi time, while US West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44 percent. Trading is expected to be muted due to a US bank holiday.<\/p>\n
\n\tUkrainian President Volodymyr Zelensky vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports.<\/p>\n
\n\tMarkets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day, according to tanker tracker data cited by ANZ analysts in a note.<\/p>\n
\n\tHowever, Russian oil exports to India are set to rise in September, traders said, despite secondary tariffs imposed on New Delhi by the US for buying oil from Moscow.<\/p>\n
\n\t\u201cModi\u2019s meeting with Putin in China will be closely watched, particularly in light of US pressures,\u201d Michael McCarthy, CEO of Moomoo Australia, said, referring to the Indian and Russian presidents who are attending the Shanghai Cooperation Organization regional security bloc in China.<\/p>\n
\n\tA Reuters poll on Friday showed that oil prices are unlikely to gain much traction from current levels this year, as rising output from top producers adds to the risk of a surplus and US tariff threats weigh on demand growth.<\/p>\n
\n\tThe week started with a slew of manufacturing and export data from China, Japan and South Korea, among the world\u2019s biggest crude oil importers.<\/p>\n
\n\tFactory activity in China unexpectedly grew in August but weakened for other Asian economies as companies began to feel the pain from US tariffs, private surveys showed on Monday, clouding the outlook for the region\u2019s fragile recovery.<\/p>\n
\n\tBrent and WTI crude posted their first decline in four months in August, down 6 percent or more on OPEC+ supply concerns.<\/p>\n
\n\tInvestors are eyeing the Sept. 7 meeting between members of the Organization of the Petroleum Exporting Countries and their allies for further supply cues.<\/p>\n
\n\tMeanwhile, US crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration on Friday.<\/p>\n
\n\tA US labor market report this week will give a crucial read into the economy\u2019s health and test investors\u2019 confidence that interest rate cuts are coming soon, a view that has lifted their appetite for riskier assets such as commodities.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil Updates \u2014 crude holds in tight range as rising output offsets Russia supply disruptions
SINGAPORE: Oil…\n","protected":false},"author":2,"featured_media":108539,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-108538","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/108538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=108538"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/108538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/108539"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=108538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=108538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=108538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}