Oil declined as a renewed increase in China’s virus cases fed into weakness across global markets and the US awarded more crude from its reserves.
West Texas Intermediate crude futures slipped to settle at US$104.09 a barrel. Earlier in the session, prices dropped as much as 3.9 per cent as COVID cases continued to climb in Shanghai, posing a challenge to the oil-consuming country’s COVID Zero strategy. On the supply side, concerns eased after a court order allowed the crucial CPC terminal on Russia’s Black Sea coast to stay operational.
Oil dipped below US$100 last week, then rebounded as the market was whipsawed by competing supply and demand outlooks. US President Joe Biden is scheduled to visit Saudi Arabia in the coming days during a tour of the Middle East as he seeks to tame rising energy prices that are weighing on the global economy.
“CFTC data released Friday showed positioning was the least bullish in more than two years, highlighting the lack of conviction in holding commodity longs into an economic uncertainty,” Babin said. A court in the Krasnodar region on Monday canceled an instruction to suspend shipments from the CPC terminal on Russia’s Black Sea coast, which mainly exports Kazakh crude. It’s due to ship 1.2 million barrels a day this month. Brent for September settlement rose 8 cents to settle at US$107.10 a barrel.
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