Oil prices are easing slightly, falling more than 1% today, but are still near one-month highs after new U.S. sanctions targeted shipping firms accused of smuggling Iranian oil. Prices are also supported by Ukrainian attacks on Russian refineries, and wider supply uncertainties.
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Geopolitical tensions and sanctions on Iran are keeping volatility high and supporting prices; the risk of tighter supply is still real, adding to crude’s recent strength.
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Traders are awaiting the outcome of the September 7 OPEC+ meeting, with expectations that oil production will rise further, after the media reports; higher production would pressure prices.
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The OPEC+ had pledged to raise output by 2.2 million barrels per day from April to September, plus 300,000 bpd for the UAE, but actual increases fell short due to capacity limits and compensations for past overproduction.
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U.S. crude, gasoline, and distillate inventories were expected to have fallen, with analysts estimating a 3.4 million barrel crude draw for the week ending August 29.
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Weak U.S. manufacturing data, hurt by tariffs and softer business confidence, capped oil’s gains by raising concerns about demand.
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Russia’s weaker refinery runs could raise crude exports, creating a finely balanced market despite geopolitical tensions.
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Weak U.S. manufacturing data, hit by tariffs and declining business confidence, weighed on the demand outlook and capped price gains.
Source: xStation5
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