SINGAPORE : Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed.Brent crude futures fell 29 cents, or 0.3 per cent, to $86.52 a barrel by 0033 GMT while U.S.
SINGAPORE : Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed.
Prices slipped as the U.S. dollar index extended gains on Monday after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields despite expectations that the Federal Reserve is at the end of hiking interest rates. Supply cuts by Saudi Arabia and Russia, part of the alliance between the Organization of the Petroleum Exporting Countries and their allies, or OPEC+, are expected to erode oil inventories in the rest of this year, potentially driving prices even higher, the International Energy Agency said in its monthly report on Friday.
A Russian warship fired warning shots at a cargo ship in the Black Sea on Sunday, ratcheting up tensions in a key area for commodities exports from Ukraine and Russia.
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