2023-08-14 02:26:13
Oil prices fell on Monday, following achieving seven consecutive weeks of gains, supported by tight supplies caused by the OPEC + group’s production cuts, amid concerns regarding a slowdown in China’s economic recovery and the impact of the dollar’s rise.
Brent crude futures fell 29 cents, or 0.3 percent, to $86.52 a barrel by 0033 GMT, while US West Texas Intermediate crude fell 24 cents, or 0.3 percent, to $82.95 a barrel.
Prices fell as the US dollar index consolidated its gains on Monday, following a slightly larger increase in US producer prices in July raised Treasury yields despite expectations that the Federal Reserve (US central bank) would stop raising interest rates.
Tina Teng, an analyst at CMC Markets, said that oil price movements will remain limited in scope this week, as the slowdown in China’s economic recovery and the strength of the US dollar may lead to lower prices, but OPEC + will do whatever it takes to maintain supply reduction and stabilize the markets.
It is expected that supply cuts by Saudi Arabia and Russia within the framework of the alliance between the Organization of the Petroleum Exporting Countries and its allies, or what is known as OPEC +, will reduce oil stocks for the rest of this year, which may lead to higher prices, according to the International Energy Agency in its report. Monthly, Friday.
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