Brent crude prices rose 75 cents to $85.55 a barrel
Singapore – Reuters
Posted on: August 21, 2023: 08:05 AM GST Last updated: August 21, 2023: 08:26 AM GST
Oil prices rose today, Monday, with the lack of global supply due to reduced exports from Saudi Arabia and Russia, which outweighed its impact on concerns related to global demand growth in light of high interest rates.
By 03:01 GMT, Brent crude prices rose 75 cents to $85.55 a barrel. West Texas Intermediate crude rose 80 cents to $82.05 a barrel.
West Texas Intermediate crude contracts for September expire tomorrow, Tuesday, and the most active October contracts rose 73 cents to $81.39 a barrel.
China, the world’s largest crude importer, is drawing down record levels of inventories it built earlier this year as Chinese refineries cut back on purchases after supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, or the group known as OPEC+. This prompted oil prices to exceed $80 a barrel.
In July, Saudi shipments to China fell 31% compared to June, while Russia, with its cheaper crude, remained China’s largest supplier, according to Chinese customs data.
2023-08-21 04:05:00
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