Oil prices were little changed on Monday.
In the afternoon, a barrel (159 liters) of North Sea Brent for delivery in September cost 75.57 US dollars. That was 14 cents more than on Friday. The price of a barrel of American grade West Texas Intermediate for August delivery (WTI) rose by 15 cents to $70.79.
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At the beginning of the week, Saudi Arabia announced that it would also cut its production by one million barrels a day in August. So far, the cut had only applied to July, but from the start with the express option of an extension. Russia announced that it would cut its oil exports by 500,000 barrels a day in August. The two countries lead the large oil alliance OPEC+, which includes more than twenty producing countries. The announcements did little to support oil prices.
The steps are in line with the general situation on the oil market: Concerns about the economy have been weighing on prices there for some time. In the USA and many other countries, the central banks have sharply raised their interest rates to combat inflation, which is also dampening demand for energy. In China, the economic recovery is weak after the move away from the strict corona policy. The producing countries are therefore trying to counteract the price pressure on the demand side with a limited supply.
NEW YORK/LONDON (dpa-AFX)
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