+
With a tight supply outlook, Brent crude oil hovers above $83
OIL & GAS

With a tight supply outlook, Brent crude oil hovers above $83

With the view of U.S. policymakers holding interest rates higher for longer, oil prices increased after dropping about $1 a barrel in the previous session. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88. and Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT.

Supporting the dollar and making dollar-denominated oil more expensive for investors holding other currencies, it is anticipated that the U.S. central bank will keep its policy rate on hold for longer. The inflation data from the U.S. this week will further inform the Federal Reserve on interest rate policy.

Regarding supplies, sources told Reuters that Kyiv launched its most recent volley over the weekend with a drone strike that partially shut down the biggest refinery in southern Russia, as part of what has turned into a series of attacks by Russia and Ukraine against each other's vital infrastructure. There have been persistent expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its partners, referred to as OPEC+, will continue to reduce supplies into the second half of the year.

Iraq?s oil minister indicated that Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by the producer group. OPEC+ has previously called out Iraq for pumping more than its output quota in the first three months of 2024. Baghdad agreed to compensate with additional production cuts over the rest of the year. The comments followed the minister's suggestion that the nation had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ group at its June meeting.

With the view of U.S. policymakers holding interest rates higher for longer, oil prices increased after dropping about $1 a barrel in the previous session. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88. and Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT. Supporting the dollar and making dollar-denominated oil more expensive for investors holding other currencies, it is anticipated that the U.S. central bank will keep its policy rate on hold for longer. The inflation data from the U.S. this week will further inform the Federal Reserve on interest rate policy. Regarding supplies, sources told Reuters that Kyiv launched its most recent volley over the weekend with a drone strike that partially shut down the biggest refinery in southern Russia, as part of what has turned into a series of attacks by Russia and Ukraine against each other's vital infrastructure. There have been persistent expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its partners, referred to as OPEC+, will continue to reduce supplies into the second half of the year. Iraq?s oil minister indicated that Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by the producer group. OPEC+ has previously called out Iraq for pumping more than its output quota in the first three months of 2024. Baghdad agreed to compensate with additional production cuts over the rest of the year. The comments followed the minister's suggestion that the nation had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ group at its June meeting.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code