2023-07-10 03:03:47
Oil prices fell in early Asian trade on Monday, as investors exercised caution ahead of the announcement of new economic data from the United States and China this week, while expected cuts in crude production from Saudi Arabia and Russia supported the market.
By 01:07 GMT, Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel. West Texas Intermediate crude futures fell 29 cents, or 0.4%, to $73.57 a barrel.
“Oil traders may be cautious ahead of US consumer price index data and a group of Chinese economic data this week,” said Tina Ting, an analyst at CMC Markets.
However, she added that crude prices may rise following the OPEC + group announced its plans for further supply cuts.
The two benchmarks rose more than 4 percent in the past week, touching their highest level since May and recording a rise for the second week in a row, following Saudi Arabia and Russia, the world’s two largest oil exporters, pledged to cut supplies in August.
Saudi Arabia pledged to extend production cuts of 1 million barrels per day until August, while Russia will cut crude exports by 500,000 barrels per day. A government source told Archyde.com on Friday that Russia will use the crude to produce more fuel to meet domestic demand.
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