The price of oil rose on Monday. Meanwhile, supply worries ahead of the EU’s oil embargo on Russia in December outweighed worries about a global recession that could dampen gasoline demand.
Brent futures rose 0.5 percent on Friday and then gained 60 cents, or 0.7 percent, to $91.95 a barrel by 0330 GMT. U.S. WTI crude was up 39 cents or 0.5% at $85.50 a barrel. On Tuesday, the front-month contract will expire. The lower dollar coming from multi-year highs helped both futures. Both contracts fell more than 1% last week. A weakening US dollar makes foreign currency products cheaper for currency holders.
The chief executive of Kuwait Petroleum Corporation (KPC) stated on Sunday that despite concerns about the future of the global economy, clients continue to want the same amounts. The Gulf state presently produces more than 2.8M BPD. In other news, the Basrah Oil Company said that oil loading and exporting activities at Iraq’s Basrah oil terminal resumed on Saturday after suspension due to a spill. A representative for Shell (LON: RDSa) said on Sunday that maintenance on the 200,000 BPD Bonga deep sea storage and offloading vessel is planned for October.
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