Singapore — Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Markets also expected an announcement from Washington due later on Monday detailing renewed US sanctions against major oil exporter Iran, set to be reinstated at 4.01pm GMT, according to a US treasury official. Spot Brent crude oil futures were trading at $73.68 a barrel at 2.05am GMT on Monday, up 47c, or 0.6%, from their last close. US West Texas Intermediate (WTI) crude futures were up 37c, or 0.5%, at $68.86 barrel. US energy companies last week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months. Drillers cut two oil rigs in the week to August 3, bringing the total count down to 859, Baker Hughes energy services firm said on Friday. Many US shale oil drillers posted disappointing quarterly results in recent weeks, hit by rising operating costs, hedging losses ...
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.