By Florence Tan SINGAPORE (Reuters) -Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Florence Tan
Brent crude climbed 75 cents to $85.55 a barrel by 0301 GMT, while U.S. West Texas Intermediate crude was at $82.05 a barrel, up 80 cents. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Supply is tightening, however, with OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler.
The world's top crude importer is drawing on record inventories amassed earlier this year as Chinese refiners scale back purchases after supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, drove global prices above $80 a barrel.
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