Brent crude was 25 cents higher at $87.25 a barrel by 0830 GMT, while U.S. West Texas Intermediate crude rose to $83.44
Oil prices added to recent gains on Monday amid expectations of tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported the outlook for improving demand.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, has pledged to extend production cuts to the end of June which could tighten crude supply during summer in the Northern Hemisphere. Drone attacks from Ukraine have knocked out several Russian refineries, which is expected to reduce Russia’s fuel exports.
Almost 1 million barrels per day of Russian crude processing capacity is offline from the attacks, impacting its high-sulphur fuel oil exports which are processed at Chinese and Indian refineries, the consultancy added.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GE’s $87 Billion Share Price Windfall Threatens Spinoff GainsGeneral Electric Co. shares have powered to a more than six-year high, adding some $87 billion in value on bets that the company’s second and final spinoff will deliver a boon for investors. But, further gains may be tough to find.
Read more »
Oil price news: crude oil rally loses steam as technicals signal pullbackWest Texas Intermediate fell about 2 per cent to settle near US$81, cooling a rally that had carried crude to the highest closing price since late October.
Read more »
Oil price news: Oil edges lower as stronger U.S. dollar hampers crude’s rallyOil edged lower as a stronger U.S. dollar outweighed optimism that the Federal Reserve will stick to its path of interest-rate cuts this year.
Read more »
Oil price news: Oil rises on Russian refinery outages, Iraq export reductionTightening oil supplies pushed West Texas Intermediate above US$83 a barrel, extending a rally that has propelled prices to the highest since October.
Read more »
Oil price news: oil slips as rising U.S. stockpiles undercut tight supply outlookOil lost more of the ground it had gained early this week as U.S. crude and gasoline inventories increased, undercutting expectations for tightening supplies.
Read more »
Oil price news: Oil heads for quarterly advance as OPEC+ holds the line on cutsOil climbed to head for a solid quarterly gain on expectations OPEC+ supply cuts would tighten the global market.
Read more »