iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Even as supply is being curtailed, Brent is above $90 per barrel after slight drop in early trade

11 Sep 2023 , 09:30 AM

Although Brent remained perched around $90 a barrel, backed by tightening supplies after Saudi Arabia and Russia extended supply restrictions, oil prices dipped in early Asian trade on Monday as economic concerns in China impacted on the forecast for gasoline demand.

Brent crude had decreased by 49 cents, or 0.5%, to $90.16 per barrel, while U.S. West Texas Intermediate crude had down by 74 cents, or 0.9%, to $86.77 per barrel.

Following Saudi Arabia and Russia’s announcement last week that they will prolong voluntary supply restrictions of a combined 1.3 million barrels per day until the end of the year, both futures have risen for the previous two weeks in a row, with Brent finishing at its highest level since November on Friday.

This week, the monthly reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are scheduled for release.

According to Baker Hughes’ weekly report, producers in the United States installed an oil rig for the first time since June last week, although the overall count was still 127, or 17%, lower than at the same time last year.

For feedback and suggestions, write to us at editorial@iifl.com

Why OPEC

Related Tags

  • crude oil
  • Russia
  • Saudi Arabia
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.