Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China’s faltering economic recovery and a stronger dollar weighed. | Reuters
, part of the alliance between the Organization of the Petroleum Exporting Countries and their allies, or OPEC+, are expected to erodeinventories in the rest of this year, potentially driving prices even higher, the International Energy Agency said in its monthly report on Friday.
Reflecting tightening supply, the price spread between first and second month Brent held steady on Monday after settling at 67 cents on Friday, the widest since March. A Russian warship fired warning shots at a cargo ship in the Black Sea on Sunday, ratcheting up tensions in a key area for commodities exports from Ukraine and Russia.
“Escalating tensions between Russia and Ukraine has raised the prospect of disruption to trade in the Black Sea,” ANZ analysts said in a note, adding that the Black Sea handles around 15 percent-20 percent ofrigs held steady at 525 last week, after falling for eight weeks in a row, according to Baker Hughes weekly report.Subscribe to our daily newsletter
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