Oil slips on lackluster U.S. summer gasoline demand | Reuters
Oil prices slipped on Wednesday, after U.S. government data showed lower gasoline demand during the peak summer driving season and as interest rate hikes by central banks to fight inflation fed fears the economy could slow, cutting energy demand.
However, prices pared losses during the session after TC Energy said that the Keystone pipeline, one of Canada's major oil export arteries, was operating at reduced rates for a third day on Wednesday. Repairs continued on a third-party power facility in South Dakota, prompting concerns about tighter supplies. read more
Brent crude prices for September fell 42 cents to $106.93 a barrel by 12:44 p.m. EDT (1644 GMT). U.S. West Texas Intermediate (WTI) crude for August fell 2 cents to $104.20 a barrel. The WTI contract expires on Wednesday.
The more active September WTI contract was at $100.20 a barrel, down 54 cents.
U.S. gasoline inventories (USOILG=ECI) rose 3.5 million barrels last week, government data showed, far exceeding analysts' forecasts in a Reuters poll for a 71,000-barrel rise.
Wednesday, 20 July 2022
#SaudiArabia Plans Air-Cargo Roadshows to Lure Amazon, DHL - Bloomberg
Saudi Arabia Plans Air-Cargo Roadshows to Lure Amazon, DHL - Bloomberg
Saudi Arabia plans to stage a number of roadshows in the next 12 to 18 months as it seeks to persuade the likes of Amazon.com Inc., Alibaba Group Holding Ltd. and Deutsche Post AG’s DHL to help scale up air-cargo and distribution operations.
The Mideast country will invite private companies to establish partnerships and set up freight-forwarding and warehousing activities, Mohammed Fahad Alkhuraisi, vice president for strategy at the Saudi General Authority of Civil Aviation, said in an interview Wednesday.
The push into air cargo and logistics aims to lift the amount of freight handled to 4.5 million tons annually by the end of the decade as part of a $100 billion plan to expand aviation in line with the Vision 2030 strategy of overhauling the Saudi economy and reducing its reliance on oil.
The country is expanding its airport infrastructure and setting up a new passenger airline in the Saudi capital Riyadh, preparations for which are “progressing very well,” Alkhuraisi said at the Farnborough International Airshow southwest of London.
As part of the plan, the GACA is looking to coordinate with carriers to make sure “the overall picture makes sense,” he said, with discounters Flynas and Flyadeal operating short-haul services and flag-carrier Saudia serving long-haul, pilgrimage and Red Sea tourism markets from its hub in Jeddah.
Saudi Arabia plans to stage a number of roadshows in the next 12 to 18 months as it seeks to persuade the likes of Amazon.com Inc., Alibaba Group Holding Ltd. and Deutsche Post AG’s DHL to help scale up air-cargo and distribution operations.
The Mideast country will invite private companies to establish partnerships and set up freight-forwarding and warehousing activities, Mohammed Fahad Alkhuraisi, vice president for strategy at the Saudi General Authority of Civil Aviation, said in an interview Wednesday.
The push into air cargo and logistics aims to lift the amount of freight handled to 4.5 million tons annually by the end of the decade as part of a $100 billion plan to expand aviation in line with the Vision 2030 strategy of overhauling the Saudi economy and reducing its reliance on oil.
The country is expanding its airport infrastructure and setting up a new passenger airline in the Saudi capital Riyadh, preparations for which are “progressing very well,” Alkhuraisi said at the Farnborough International Airshow southwest of London.
As part of the plan, the GACA is looking to coordinate with carriers to make sure “the overall picture makes sense,” he said, with discounters Flynas and Flyadeal operating short-haul services and flag-carrier Saudia serving long-haul, pilgrimage and Red Sea tourism markets from its hub in Jeddah.
#SaudiArabia Reveals Oil Output Is Near Its Ceiling - Bloomberg
Saudi Arabia Reveals Oil Output Is Near Its Ceiling - Bloomberg
During US President Joseph Biden’s trip to Saudi Arabia, the world was so focused on how Crown Prince Mohammed bin Salman would respond to his plea to pump more oil immediately that it missed a bombshell: the level at which Saudi oil production will peak.
It’s a lot lower than many anticipated. It’s lower than the Saudis have ever intimated. And with the world still hungry for fossil fuels, it spells long-term trouble for the global economy.
For years, Saudi oil ministers and royals have sidestepped one of the most important questions the energy market faces: What is the long-term upper limit of the kingdom’s oilfields? The guesstimate was that they could always pump more, and for longer; if the Saudis knew the answer, they kept it secret. And then, almost casually on Saturday, Prince Mohammed broke the news, revealing that the ultimate maximum capacity is 13 million barrels a day.
During US President Joseph Biden’s trip to Saudi Arabia, the world was so focused on how Crown Prince Mohammed bin Salman would respond to his plea to pump more oil immediately that it missed a bombshell: the level at which Saudi oil production will peak.
It’s a lot lower than many anticipated. It’s lower than the Saudis have ever intimated. And with the world still hungry for fossil fuels, it spells long-term trouble for the global economy.
For years, Saudi oil ministers and royals have sidestepped one of the most important questions the energy market faces: What is the long-term upper limit of the kingdom’s oilfields? The guesstimate was that they could always pump more, and for longer; if the Saudis knew the answer, they kept it secret. And then, almost casually on Saturday, Prince Mohammed broke the news, revealing that the ultimate maximum capacity is 13 million barrels a day.
Oil prices slip ahead of U.S. inventory data | Reuters
Oil prices slip ahead of U.S. inventory data | Reuters
Oil prices fell as much as $2 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of an expected build-up in U.S. crude inventories.
Brent crude prices for September were down $1.68, or 1.56%, at $105.67 a barrel by 1352 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.82, or 1.75%, to $102.40. The WTI contract expires on Wednesday.
The more active September WTI contract was at $98.94 a barrel, down $1.79.
Oil prices had been exteremely volatile in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness and reduced demand as central bankers indicated they will raise interest rates to combat inflation. read more
Oil prices fell as much as $2 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of an expected build-up in U.S. crude inventories.
Brent crude prices for September were down $1.68, or 1.56%, at $105.67 a barrel by 1352 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.82, or 1.75%, to $102.40. The WTI contract expires on Wednesday.
The more active September WTI contract was at $98.94 a barrel, down $1.79.
Oil prices had been exteremely volatile in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness and reduced demand as central bankers indicated they will raise interest rates to combat inflation. read more
Most Gulf markets extend rebound, #Qatar outperforms | Reuters
Most Gulf markets extend rebound, Qatar outperforms | Reuters
Stock markets in the Gulf ended higher on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.
In Qatar, the benchmark index (.QSI) logged its biggest intraday gain since May 2019 at 3.4%, with almost all index stocks in positive territory including the Gulf's biggest lender, Qatar National Bank (QNBK.QA), which was up 5.3%.
The Qatari market rose strongly, boosted by company earnings and strong domestic fundamentals, said Eman AlAyyaf, CEO of EA Trading.
"Natural gas prices have also improved this month helping stop the decline of the main index," AlAyyaf added.
Among other gainers, Ooredoo (ORDS.QA) surged 9.2%. The telecommunications firm is in talks to sell its Myanmar unit in what would mark the exit of the country's last foreign telecoms operator, Reuters reported on Wednesday, citing two people familiar with the matter. read more
Ooredoo is the last majority foreign-owned telecoms company in Myanmar after Norway's Telenor (TEL.OL) exited in March.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, led by a 0.7% rise in Retal Urban Development Co (4322.SE) and a 1.3% gain in Saudi British Bank (1060.SE).
Dubai's main share index (.DFMGI) added 0.8%, with top lender Emirates NBD (ENBD.DU) rising 2%.
Abu Dhabi shares (.FTFADGI) finished 1% higher, driven by a 1.5% rise in the country's biggest lender, First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.8% higher.
The Egyptian bourse hit its lowest in nearly six years earlier this month as the country has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.
Stock markets in the Gulf ended higher on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.
In Qatar, the benchmark index (.QSI) logged its biggest intraday gain since May 2019 at 3.4%, with almost all index stocks in positive territory including the Gulf's biggest lender, Qatar National Bank (QNBK.QA), which was up 5.3%.
The Qatari market rose strongly, boosted by company earnings and strong domestic fundamentals, said Eman AlAyyaf, CEO of EA Trading.
"Natural gas prices have also improved this month helping stop the decline of the main index," AlAyyaf added.
Among other gainers, Ooredoo (ORDS.QA) surged 9.2%. The telecommunications firm is in talks to sell its Myanmar unit in what would mark the exit of the country's last foreign telecoms operator, Reuters reported on Wednesday, citing two people familiar with the matter. read more
Ooredoo is the last majority foreign-owned telecoms company in Myanmar after Norway's Telenor (TEL.OL) exited in March.
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, led by a 0.7% rise in Retal Urban Development Co (4322.SE) and a 1.3% gain in Saudi British Bank (1060.SE).
Dubai's main share index (.DFMGI) added 0.8%, with top lender Emirates NBD (ENBD.DU) rising 2%.
Abu Dhabi shares (.FTFADGI) finished 1% higher, driven by a 1.5% rise in the country's biggest lender, First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.8% higher.
The Egyptian bourse hit its lowest in nearly six years earlier this month as the country has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs of key commodity imports, especially since Russia's invasion of Ukraine.
#Dubai's Mashreq Bank sees net profit soar to $216mln on lower impairments
Dubai's Mashreq Bank sees net profit soar to $216mln on lower impairments
Dubai-based Mashreq Bank’s net profit for the second quarter of the year soared to AED 793 million ($216 million) from AED 42 million in the same period last year, driven by a sharp rise in operating profit and lower impairment allowance.
Operating profit came in at AED 1 billion in Q2 2022 compared to AED 860 million a year earlier, the lender said in a filing on the Dubai Financial Market (DFM), where its shares trade.
Impairment allowance fell to AED 213 million versus AED 785 million in Q1 last year, as the credit environment improved.
Interest income and income from Islamic financing and investment products stood at AED 1.5 billion, up from AED 1.1 billion a year ago.
For the first half of 2022, Mashreq Bank posted a net profit of AED 1.4 billion, with earnings per share at AED 6.97.
As of the end of June, customer deposits were AED 109.34 billion, up 15% year-on-year, while loans and advances were AED 89.68 billion, up 16% year-on-year.
Dubai-based Mashreq Bank’s net profit for the second quarter of the year soared to AED 793 million ($216 million) from AED 42 million in the same period last year, driven by a sharp rise in operating profit and lower impairment allowance.
Operating profit came in at AED 1 billion in Q2 2022 compared to AED 860 million a year earlier, the lender said in a filing on the Dubai Financial Market (DFM), where its shares trade.
Impairment allowance fell to AED 213 million versus AED 785 million in Q1 last year, as the credit environment improved.
Interest income and income from Islamic financing and investment products stood at AED 1.5 billion, up from AED 1.1 billion a year ago.
For the first half of 2022, Mashreq Bank posted a net profit of AED 1.4 billion, with earnings per share at AED 6.97.
As of the end of June, customer deposits were AED 109.34 billion, up 15% year-on-year, while loans and advances were AED 89.68 billion, up 16% year-on-year.
#UAE economy grew 8.2% in Q1, central bank estimates
UAE economy grew 8.2% in Q1, central bank estimates
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said. There was a high probability of stronger growth due to higher oil production and a government pledge to double the manufacturing sector's size by 2031.
Hydrocarbon GDP climbed an estimated 13% in the first quarter, when oil production average 2.95 million barrels per day.
"Shocks to global oil supply and demand have added to oil price volatility and bolstered the level of the price. Depending (on) the developments in global economic activity, recessionary expectations and geopolitical tensions, there may be space for increased oil supply to balance the markets and stimulate global growth," the central bank said.
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said. There was a high probability of stronger growth due to higher oil production and a government pledge to double the manufacturing sector's size by 2031.
Hydrocarbon GDP climbed an estimated 13% in the first quarter, when oil production average 2.95 million barrels per day.
"Shocks to global oil supply and demand have added to oil price volatility and bolstered the level of the price. Depending (on) the developments in global economic activity, recessionary expectations and geopolitical tensions, there may be space for increased oil supply to balance the markets and stimulate global growth," the central bank said.
Analysis: Oil price windfall tests Gulf's fiscal discipline | Reuters
Analysis: Oil price windfall tests Gulf's fiscal discipline | Reuters
A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation.
Gulf oil producers have promised more prudence this time as crude prices have spiked higher, seeking to learn the lessons of previous periods of plenty that rapidly turned into eras of belt tightening and deep deficits.
The six Gulf Arab states - Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman - are on track for budget surpluses, some for the first time in a decade, with the help of buoyant oil prices and years of fiscal reforms.
Now, say analysts, they must hold this conservative line.
"The temptation to revert to pro-cyclical spending is real, especially as government contracting continues to drive economic activity in the largest economies, like Saudi," said Karen Young, senior fellow at Middle East Institute in Washington.
A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation.
Gulf oil producers have promised more prudence this time as crude prices have spiked higher, seeking to learn the lessons of previous periods of plenty that rapidly turned into eras of belt tightening and deep deficits.
The six Gulf Arab states - Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman - are on track for budget surpluses, some for the first time in a decade, with the help of buoyant oil prices and years of fiscal reforms.
Now, say analysts, they must hold this conservative line.
"The temptation to revert to pro-cyclical spending is real, especially as government contracting continues to drive economic activity in the largest economies, like Saudi," said Karen Young, senior fellow at Middle East Institute in Washington.
#SaudiArabia Airport Charges Cut to Lure Airline Traffic - Bloomberg
Saudi Arabia Airport Charges Cut to Lure Airline Traffic - Bloomberg
Saudi Arabia said it will cut airport charges by as much as 35% in a bid to compete in a region that already hosts some of the world’s biggest passenger hubs.
The reduction, which will apply to Riyadh, Jeddah and Dammam airports and be implemented later this year, are the next step in an ongoing privatization of the sector, the country’s General Authority of Civil Aviation announced at the Farnborough air show on Wednesday. Airports will be allowed flexibility to reduce charges below the announced caps to maximize growth, GACA said.
The move comes after Saudi Arabia said it would offer airlines incentives to fly unprofitable routes and days after the country opened up its airspace to all airlines flying in and out of Israel. The Kingdom is looking to compete better with major hubs in neighboring United Arab Emirates and Qatar.
Saudi Arabia only began offering tourist visas in late 2019, and subsidizing carriers to fly to the country is a recognition of how limited options are for travelers to get there. The move is the latest step in Crown Prince Mohammed bin Salman’s strategy to reduce reliance on the world’s largest crude oil exports and turn Riyadh into a global business center.
Saudi Arabia said it will cut airport charges by as much as 35% in a bid to compete in a region that already hosts some of the world’s biggest passenger hubs.
The reduction, which will apply to Riyadh, Jeddah and Dammam airports and be implemented later this year, are the next step in an ongoing privatization of the sector, the country’s General Authority of Civil Aviation announced at the Farnborough air show on Wednesday. Airports will be allowed flexibility to reduce charges below the announced caps to maximize growth, GACA said.
The move comes after Saudi Arabia said it would offer airlines incentives to fly unprofitable routes and days after the country opened up its airspace to all airlines flying in and out of Israel. The Kingdom is looking to compete better with major hubs in neighboring United Arab Emirates and Qatar.
Saudi Arabia only began offering tourist visas in late 2019, and subsidizing carriers to fly to the country is a recognition of how limited options are for travelers to get there. The move is the latest step in Crown Prince Mohammed bin Salman’s strategy to reduce reliance on the world’s largest crude oil exports and turn Riyadh into a global business center.
#AbuDhabi Investment Authority/ADIA Deepens Internal Shift - Bloomberg
Abu Dhabi Investment Authority/ADIA Deepens Internal Shift - Bloomberg
Abu Dhabi Investment Authority’s latest transformation took shape in the depths of the pandemic, when grounded executives spent several weeks jotting ideas on white boards in the wealth fund’s high-rise headquarters.
The enforced pause in normal business helped to turbocharge ADIA’s ongoing review of its business, leading to some of the most sweeping changes ever seen at the 46-year-old, $829 billion sovereign wealth fund. Not only did ADIA overhaul its internal structure and processes, it redefined how it would take future investment decisions.
Due to its sheer size, ADIA’s choices can have an impact around the world. It is one of the biggest investors in US real estate, and its recent deals include stakes in German railcars, North American energy and Indonesia’s biggest internet firm. It’s eyeing even more opportunities in private markets.
“Competition for returns has intensified, but the entire business of investing is being transformed by technology and that is an ongoing processes that is influencing all parts of the industry. And this will continue to change and at an increasingly fast pace,” according to an emailed response from a spokesman for the fund.
“That’s why we identified the need to become more dynamic and agile, as a way to build flexibility into our organisation so that we are ready to respond to these changes,” he said.
Abu Dhabi Investment Authority’s latest transformation took shape in the depths of the pandemic, when grounded executives spent several weeks jotting ideas on white boards in the wealth fund’s high-rise headquarters.
The enforced pause in normal business helped to turbocharge ADIA’s ongoing review of its business, leading to some of the most sweeping changes ever seen at the 46-year-old, $829 billion sovereign wealth fund. Not only did ADIA overhaul its internal structure and processes, it redefined how it would take future investment decisions.
Due to its sheer size, ADIA’s choices can have an impact around the world. It is one of the biggest investors in US real estate, and its recent deals include stakes in German railcars, North American energy and Indonesia’s biggest internet firm. It’s eyeing even more opportunities in private markets.
“Competition for returns has intensified, but the entire business of investing is being transformed by technology and that is an ongoing processes that is influencing all parts of the industry. And this will continue to change and at an increasingly fast pace,” according to an emailed response from a spokesman for the fund.
“That’s why we identified the need to become more dynamic and agile, as a way to build flexibility into our organisation so that we are ready to respond to these changes,” he said.
Gulf stocks extend rally, #Qatar leads gains | Reuters
Gulf stocks extend rally, Qatar leads gains | Reuters
Most stock indexes in the Gulf rose in early trade on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, bolstered by a 2.5% rise in Al Rajhi Bank (1120.SE) and a 2.2% gain in the kingdom's largest lender, Saudi National Bank (1180.SE). The index is up for a fourth session.
Saudi Arabia's foreign minister said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products. read more
Dubai's main share index (.DFMGI) extended gains to a fifth session, adding 1.1%, with Emirates Integrated Telecommunications (DU.DU) advancing 3.3%.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.2%, as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift risk-on sentiment and eased fears of a recession, while the dollar was at two-week lows.
Abu Dhabi shares (.FTFADGI) gained 0.4%, led by a 0.6% rise in the United Arab Emirates's biggest lender, First Abu Dhabi Bank (FAB.AD). Stocks gained for a fourth consecutive session.
French company TotalEnergies (TTEF.PA) announced on Tuesday an expansion of its strategic alliance with the Abu Dhabi National Oil Company (ADNOC), which would examine new areas including the supply of diesel from the United Arab Emirates to France. read more
The Qatari benchmark (.QSI) gained for a fourth straight session, advancing 1.8%, as almost all the stocks in the index were in positive territory including the Gulf's biggest lender, Qatar National Bank (QNBK.QA).
Most stock indexes in the Gulf rose in early trade on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.
Saudi Arabia's benchmark index (.TASI) gained 1.2%, bolstered by a 2.5% rise in Al Rajhi Bank (1120.SE) and a 2.2% gain in the kingdom's largest lender, Saudi National Bank (1180.SE). The index is up for a fourth session.
Saudi Arabia's foreign minister said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products. read more
Dubai's main share index (.DFMGI) extended gains to a fifth session, adding 1.1%, with Emirates Integrated Telecommunications (DU.DU) advancing 3.3%.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.2%, as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift risk-on sentiment and eased fears of a recession, while the dollar was at two-week lows.
Abu Dhabi shares (.FTFADGI) gained 0.4%, led by a 0.6% rise in the United Arab Emirates's biggest lender, First Abu Dhabi Bank (FAB.AD). Stocks gained for a fourth consecutive session.
French company TotalEnergies (TTEF.PA) announced on Tuesday an expansion of its strategic alliance with the Abu Dhabi National Oil Company (ADNOC), which would examine new areas including the supply of diesel from the United Arab Emirates to France. read more
The Qatari benchmark (.QSI) gained for a fourth straight session, advancing 1.8%, as almost all the stocks in the index were in positive territory including the Gulf's biggest lender, Qatar National Bank (QNBK.QA).
Oil prices slip ahead of U.S. inventory data | Reuters
Oil prices slip ahead of U.S. inventory data | Reuters
Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as fuel demand weakens.
Brent crude prices for September fell $1.06, or 0.9%, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.09, or 1%, to $103.13 per barrel. The WTI contract will expire on Wednesday.
The more active September WTI contract was at $99.64 a barrel, down $1.10.
Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness and reduced demand as central bankers indicated they will raise interest rates to combat inflation. read more
Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as fuel demand weakens.
Brent crude prices for September fell $1.06, or 0.9%, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.09, or 1%, to $103.13 per barrel. The WTI contract will expire on Wednesday.
The more active September WTI contract was at $99.64 a barrel, down $1.10.
Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness and reduced demand as central bankers indicated they will raise interest rates to combat inflation. read more