Oil prices rose slightly on Monday in the American session (August 11) ahead of the Trump-Putin meeting in Alaska to discuss the Ukraine war, with the threat of tighter sanctions if peace fails. Brent prices are currently trading at $66.94 per barrel.
However, gains are being held back by abundant supply, including new production in Guyana, high supplies from South America, and UBS's projection of cutting its year-end Brent target to $62 per barrel.
Sentiment is also being weighed down by weak Indian demand, a potential pause in OPEC+ production increases, US import tariffs that could slow the global economy, and Chinese data showing a larger-than-expected decline in producer prices. These factors have kept oil price movements limited.
Brent oil prices at the time of writing were at $66.94 per barrel.
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
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