Oil prices fell on Monday after notching seven consecutive weeks of gains, supported by tight supplies caused by OPEC+ production cuts, amid concerns about the impact of a slowdown in China’s economic recovery and a rising dollar.
Brent crude was down 29 cents, or 0.3 percent, at $86.52 a barrel by 0033 GMT, while US West Texas Intermediate crude was down 24 cents, or 0.3 percent, at $82.95.
Prices fell as the U.S. dollar index consolidated its gains on Monday after a slightly larger increase in U.S. producer prices in July lifted Treasury yields, despite expectations that the Federal Reserve would hold off on raising interest rates.
CMC Markets analyst Tina Deng said oil price movements will be limited this week as the slowdown in China’s economic recovery and the strength of the US dollar lead to lower prices, but OPEC+ will do whatever it takes. To maintain supply reduction and stabilize markets.
Supply cuts by Saudi Arabia and Russia within the framework of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are expected to reduce oil stocks throughout the year. lead to higher prices, the International Energy Agency said in its report.Monthly, Fri.
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