Oil Futures Sag on Tepid Demand
Wall St Journal
Crude-oil futures slipped Monday on low global demand, though concerns about further Western sanctions on Russia, a major oil exporter, gave some support to prices.
Light, sweet crude for September delivery fell 42 cents, or 0.4%, to $101.67 a barrel on the New York Mercantile Exchange, an eight-session low. Brent crude on ICE Futures Europe slid 82 cents, or 0.8%, to $107.57 a barrel.
Though U.S. refiners are running at unusually high rates, demand for crude oil from Asian and European refiners is weak, said Morgan Stanley in a note.
As of Friday, about 30 million barrels of West African oil had yet to be sold for August delivery, even though traders are now buying and selling cargoes for September, said Michael Wittner, head of global oil research for Société Générale, in a
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