Oil steadied as traders assess challenges to supply in the wake of planned output cuts by OPEC+ and in anticipation of news on when Iraq may resume exports from its northern fields.
West Texas Intermediate was little changed at about US$81 a barrel. The U.S. benchmark rallied almost seven per cent last week following the surprise decision by the Organization of Petroleum Exporting Countries and its allies that the group would further cut production.
Separately, Turkey wants to negotiate with Iraq a settlement it's been ordered to pay before a pipeline that exports 400,000 barrels a day is reopened, according to Turkish officials familiar with the situation. Crude is coming off three weekly gains, the longest such run this year. While OPEC+'s decision has reignited bullish bets on prices, some demand indicators are showing signs of weakness as slowdown concerns persist. Traders will get valuable insights this week as OPEC and the International Energy Agency are due to release monthly outlooks, while US inflation data and Federal Reserve minutes are also set to be issued.
“Market participants will focus this week on the oil market reports from the energy agencies, which likely show a tighter outlook on lower OPEC+ production,” said Giovanni Staunovo, a commodities analyst at UBS Group AG. “We should see some volatility later today or from tomorrow.” Russia's Energy Ministry, meanwhile, said that the nation reduced its oil output by about 700,000 barrels a day last month, according to a person familiar with the data. Nevertheless, that figure is inconsistent with indicators on the nation's March seaborne exports and supplies to domestic refineries.Brent for June settlement added 0.2 per cent to US$85.28 a barrel.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
The Week Ahead: BoC policy announcement; Turquoise Hill earnings - BNN BloombergA look at what investors will be watching in the upcoming week.
اقرأ أكثر »
BoC expected to hold interest rate this week, even as economy keeps some steam - BNN BloombergThe Bank of Canada is expected to hold its key interest rate steady this week as inflation continues to slow, despite other data suggesting the economy is still running hot.
اقرأ أكثر »
U.S. stock futures steady as traders focus on Fed - BNN BloombergU.S. equity futures were steady and Asian stocks rose in holiday-thinned trading as investors assessed the Federal Reserve's policy path following Friday's U.S. jobs data.
اقرأ أكثر »
Low-cost Temu goes head-to-head with Amazon after advertising blitz - BNN BloombergTemu is sometimes compared to Chinese shopping platforms AliExpress and Shein, underscoring the growing strength of companies and goods from China in North America's online retail landscape.
اقرأ أكثر »
Iraq, Syria's Kurdish leader condemn attack on airportThe commander of the main U.S.-backed force in Syria and Iraq's presidency Saturday condemned what they say was a Turkish attack on an airport in northern Iraq.
اقرأ أكثر »
Iraq calls on Turkey to apologize for attack on Sulaymaniyah airportA drone attack hit the vicinity of Sulaymaniyah airport on Friday but it caused no damage nor delays, according to the Kurdish Regional Government
اقرأ أكثر »