Oil quotes fluctuated in a narrow range on Monday: increased production and fears about the impact of US tariffs on demand offset disruptions to Russian exports due to escalating airstrikes. This was reported by Reuters, writes UNN.
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On Monday morning, Brent crude oil price fell by 30 cents (-0.44%) to $67.18 per barrel, and American WTI fell by 28 cents (-0.44%) to $63.73. Experts note that trading will be less active today due to bank holidays in the US.
The escalation of Russian-Ukrainian attacks on energy infrastructure affected the oil sector: supplies from Russian ports decreased to a four-week low of 2.72 million barrels per day, according to tanker traffic monitoring data.
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Analysts point out that intensified strikes by both sides create additional uncertainty for the oil market.
Despite sanctions pressure, Russian oil exports to India are expected to increase in September, even after the US imposed secondary tariffs against New Delhi.
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According to a Reuters survey conducted on Friday, analysts do not expect a significant increase in oil prices this year. The reason is increased production by leading producers and the risk of a market surplus. An additional negative factor is American tariffs, which restrain global demand.
The new week began with a large block of statistics from oil-importing countries - China, Japan, and South Korea. The data showed that factory activity in China unexpectedly increased in August, while it decreased in neighboring economies, reflecting the negative impact of US trade barriers.