Rising supplies, slowing Asian growth hit oil prices
Saudi and Russian production rose in June, while Asian economies are showing early effects of the growing global trade war, which could hit crude demand
London — Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose, while economic growth stumbled in Asia amid an escalating trade dispute with the US. Benchmark Brent crude oil fell $1.24 a barrel to a low of $77.99 before recovering to about $78.50, down 73c, by 9.35am GMT. US light crude was down 40c at $73.75. Oil prices rose strongly last week, with the US crude contract hitting its highest in three-and-a-half years at $74.46. But a flurry of US announcements at the weekend unsettled oil markets. US President Donald Trump tweeted on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels". The White House later walked back on the comments. Saudi Arabia’s output is up by 700,000 barrels a day from May, a Reuters survey showed, and close to the record of 10.72-million barrels a day it pumped in November 2016. Russian output rose to 11.06-million barrels a day in June from 10.97-million barrels a day...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.