SINGAPORE: Oil prices traded in a tight range on Monday as worries about rising output and the impact of US tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes.
Brent crude fell 30 cents, or 0.44 percent, to $67.18 a barrel by 7:00 a.m. Saudi time, while US West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44 percent. Trading is expected to be muted due to a US bank holiday.
Ukrainian President Volodymyr Zelensky vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports.
Markets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day, according to tanker tracker data cited by ANZ analysts in a note.
However, Russian oil exports to India are set to rise in September, traders said, despite secondary tariffs imposed on New Delhi by the US for buying oil from Moscow.
