Crude oil little changed as Russian supply cuts support prices
时间:2024-06-17 13:12:57 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
- JSW Infrastructure opens, price band at Rs 113-119; should you subscribe to the issue-
- Nifty looks set to hit all-time high of 15,450 in near-term; ICICI Bank, L&T among top stocks to buy
- Kashmir will meet Gaza fate in absence of India-Pak dialogue- Farooq Abdullah
- Rating- add; Indian Hotels actively pursuing robust growth plans
- Jupiter Life shares debut with over 32% premium
- Nifty support at 17500, Bank Nifty to trade in 38400-40500 range; Ashok Leyland, SBI, Tata Steel top stocks
- Nifty to extend gains or fall under 17,750- Check 8 key things to know before share market opens on 26 April
- Kaynes Technology IPO Allotment Today- Check status online, grey market premium; stock listing on 22 Nov
- Nifty to continue its winning streak or fall in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens