NEW YORK: The benchmark oil price settled largely unchanged on Monday (Sept 11), holding above the US$90 a barrel reached last week for the first time...
Crude supply could see fresh disruption from powerful storms and floods in eastern Libya, in which more than 2,000 people have died and which has forced the closure of four major oil export ports since Saturday. – AFPpicThe benchmark oil price settled largely unchanged on Monday , holding above the US$90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts.
The supply cuts overshadowed continuing concern over Chinese economic activity. On Monday US Deputy Treasury Secretary Wally Adeyemo said that China’s economic problems were more likely to have a local impact than affect the United States. Crude supply could also see fresh disruption from powerful storms and floods in eastern Libya, in which more than 2,000 people have died and which has forced the closure of four major oil export ports since Saturday – Ras Lanuf, Zueitina, Brega and Es Sidra.
US August consumer price index data is due on Wednesday and could provide a steer on whether more increases to interest rates will be on the cards.
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