Oil prices rose slightly on Monday as worries about higher production and U.S. tariffs weighed against supply disruptions caused by Russia-Ukraine airstrikes and a weaker dollar. Brent crude gained 31 cents, or 0.46%, to $67.79 a barrel by 08:23 GMT, while U.S. West Texas Intermediate (WTI) slipped 32 cents, or 0.5%, to $64.33. Trading remained subdued due to a U.S. public holiday.
Both Brent and WTI fell by more than 6% in August, marking their first monthly loss in four months, as they were pressured by rising output from the OPEC+ group. Analysts say crude is now moving without clear direction, with fears of a fourth-quarter supply glut offset by geopolitical risks. Investors are closely watching the regional summit in Beijing, where Chinese President Xi Jinping, Russian President Vladimir Putin, and Indian Prime Minister Narendra Modi are meeting. Attention is also on the upcoming OPEC+ meeting scheduled for September 7.
Concerns about Russian oil supplies remain after weekly shipments from its ports fell to a four-week low of 2.72 million barrels per day, according to ANZ analysts citing tanker data. Meanwhile, Ukrainian President Volodymyr Zelenskyy vowed to carry out more strikes inside Russia following drone attacks on Ukraine’s power facilities. Both sides have stepped up airstrikes in recent weeks, hitting energy infrastructure and disrupting Russian oil exports.
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