• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

What Is a Retirement Manifesto — and Why Do You Need One?

July 20, 2025

8 Simple Ways to Supplement Social Security and Live Your Best Retirement

July 20, 2025

5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind)

July 19, 2025
Facebook Twitter Instagram
Trending
  • What Is a Retirement Manifesto — and Why Do You Need One?
  • 8 Simple Ways to Supplement Social Security and Live Your Best Retirement
  • 5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind)
  • Why Top Brands Use Push Notifications to Boost Engagement
  • Astronomer CEO, HR Head Face Coldplay Kiss-Cam Scandal
  • Is AI Too Good at Tracking Stock Market Trends?
  • 460K student loan borrowers denied SAVE plan, face higher repayments: report
  • The Best Places To Retire Abroad In 2025
Sunday, July 20
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » Oil dips after sustained rally bolstered by supply cuts
Investing

Oil dips after sustained rally bolstered by supply cuts

News RoomBy News RoomAugust 7, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

© Reuters. FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

By Natalie Grover

LONDON (Reuters) -Oil prices edged lower following a protracted rally, but retained support from pledges by top producers Saudi Arabia and Russia to extend supply cuts through September.

Both global benchmarks notched up their sixth consecutive weekly gains last week.

On Monday, futures slipped 68 cents to $85.56 a barrel by 1256 GMT, while U.S. West Texas Intermediate crude was at $82.15 a barrel, down 67 cents. Both benchmarks dipped by $1 earlier in the session.

Prices are down as traders book some profits, analysts said.

That may be linked to the lack of any serious damage to infrastructure in Russia’s naval base at Novorossiysk, after another Ukrainian drone attack, said Tamas Varga of oil broker PVM.

The port handles 2% of the world’s oil supply. Risks to oil supply could increase as Russia-Ukraine tensions heighten in Black Sea ports.

“But given the voluntary extension of supply cuts…the base case scenario is that we will see a deficit in the market, which is going to continue to push oil prices higher,” added Naeem Aslam, chief investment officer at Zaye Capital Markets.

The world’s top exporter Saudi Arabia on Thursday extended its voluntary production cut of 1 million barrels per day (bpd) to the end of September, and said more could follow.

In line with production cuts, Saudi Aramco (TADAWUL:) raised on Saturday the official selling prices for most grades it sells to Asia for a third month in September.

Russia added to the supply tightness with its announcement it will cut oil exports by 300,000 bpd in September.

Given these additional cuts and estimates of significant depletion in oil inventories in the coming months, PVM’s Varga said “the fundamental backdrop becomes blatantly encouraging”.

Chinese economic data this week, however, will be in focus as the market seeks to gauge Beijing’s appetite for more stimulus measures to support the world’s second-largest economy.

Investors will also monitor the U.S. consumer price reading on Thursday that could offer clues on the Federal Reserve’s monetary policy.

On Monday, U.S. Federal Reserve Governor Michelle Bowman said additional interest rate hikes will likely be needed to lower inflation to meet the Fed’s 2% target.

Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

What Is a Retirement Manifesto — and Why Do You Need One?

Burrow July 20, 2025

8 Simple Ways to Supplement Social Security and Live Your Best Retirement

Make Money July 20, 2025

5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind)

Make Money July 19, 2025

Why Top Brands Use Push Notifications to Boost Engagement

Investing July 19, 2025

Astronomer CEO, HR Head Face Coldplay Kiss-Cam Scandal

Make Money July 19, 2025

Is AI Too Good at Tracking Stock Market Trends?

Make Money July 19, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

8 Simple Ways to Supplement Social Security and Live Your Best Retirement

July 20, 20250 Views

5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind)

July 19, 20250 Views

Why Top Brands Use Push Notifications to Boost Engagement

July 19, 20250 Views

Astronomer CEO, HR Head Face Coldplay Kiss-Cam Scandal

July 19, 20250 Views
Don't Miss

Is AI Too Good at Tracking Stock Market Trends?

By News RoomJuly 19, 2025

Disclosure: Our goal is to feature products and services that we think you’ll find interesting…

460K student loan borrowers denied SAVE plan, face higher repayments: report

July 19, 2025

The Best Places To Retire Abroad In 2025

July 19, 2025

12 Chronic Diseases That Plague Older Americans by the Millions

July 19, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.