Oil prices elevated on supply concerns
Crude prices were marginally lower on Monday but remained elevated after six weeks of gains following Saudi Arabia extending crude output cuts into September. IGTV’s Angela Barnes has more.
(Video Transcript)
Crude price remain high
With Angela Barnes, IG financial analyst
Crude oil prices remain elevated today on supply concerns. Prices are marginally lower today but remain elevated as I said after six weeks of gains with Saudi Arabia deciding last week to extend crude output cuts into September and Russia also reduced it in exports.
Let's first of all look at the Brent charts. It's trading down now, actually about 0.8%, so just marginally lower. It's been very flat this morning and trading around $85 a barrel but since 20 June, though Brent has gained nearly 20% supported by those supply tightness concerns.
WTI trading down
If we turn to the US WTI crude price chart now you can see that the price is also down about 0.82% and WTI is trading about $81 a barrel, the price also marginally lower but remaining elevated too just like Brent with its price up around 17% since 20 June.
Meanwhile, a slow recovery in Chinese demand and inflationary pressures have been putting pressure on oil prices.
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