Key Events
Latest Updates
By
Giulia Petroni, Dow Jones Newswires
Crude futures were easing in early trade, with investors shifting focus from Russian supply risks to the prospect of a global supply glut as summer comes to an end.
Brent crude and WTI were both down 0.3% to $67.27 and $63.97 a barrel, respectively.
The benchmarks settled more than 1% higher in the previous session after the EIA reported a larger-than-expected draw in U.S. crude stockpiles, even though the pace of declines slowed compared to the previous reporting week.
Meanwhile, “broader concerns remain that OPEC+’s unwinding of supply cuts, combined with rising output from non-member producers, could tip the market into surplus,” said MUFG’s Soojin Kim.
Although Brent is still trading at a premium for near-term delivery, suggesting tight supplies, that premium has narrowed, pointing to softer demand expectations ahead, according to the analyst.
