Crude oil little changed as Russian supply cuts support prices
时间:2024-06-26 16:31:59 阅读(143)
Oil was little changed in early trade on Monday, as Russia’s plans to deepen oil supply cuts continued to support prices, while increasing global inflation risks and rising crude inventories in the United States weighed. West Texas Intermediate U.S. crude futures (WTI) was trading at $76.36 a barrel, 4 cents, or 0.05% higher, while Brent crude futures was down 2 cents, or 0.02%, at $83.14 a barrel at 0114 GMT.
Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its previously announced production cuts of 5% of its output during the month. Despite oil inventories in the United States at their highest since May 2021, the U.S. Federal Reserve meeting signalling further monetary tightening and a strong rally in the dollar last week, prices edged higher early on Monday before paring some gains.
In its latest move, Russia has halted supplies of oil to Poland via the Druzhba pipeline, the chief executive of Polish refiner PKN Orlen said on Saturday, a day after Poland delivered its first Leopard tanks to Ukraine.
Two weeks after the invasion, prices surged to a record high of nearly $128 a barrel over supply concerns, but have since cooled over fears of a global economic slowdown.
“China’s manufacturing PMI data for February will be key to steering the oil prices for this week. A rebound in Chinese economic data will boost sentiment and improve the demand outlook,” said Tina Teng, an analyst at CMC Markets.
猜你喜欢
- Tata Motors, Biocon, Adani Power, Tata Steel, SpiceJet, Marico stocks in focus on 6 July 2022
- Tata Consultancy Services rating- Hold - Preparing for uncertain times
- Bihar education department cracks down on government teachers offering private tuitions
- Blue Nudge introduces environmental education programmes by integrating AR and VR
- Biocon, Elin, KfinTech, Gland Pharma among 28 NSE stocks to hit 52-week lows, 30 rise to 52-week highs
- Nifty to remain volatile ahead of Budget 2022, Bank Nifty looks positive; Reliance, SBI top money-making bets
- Bhopal’s Raja Bhoj International Airport granted Immigration Check Post status, here’s what it means
- Bihar education department cracks down on government teachers offering private tuitions
- Bulls Return- Strong growth, FII trend, pause in rate hikes point at long sustainable bull run in coming months