The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Crude rose by the most in a month as traders focus on supply risks from Canada to the Middle East.
Futures in New York advanced as much as 2.5 percent on Monday amid speculation that a Canadian oil-sands facility that supplies US refineries won’t return to full production as quickly as expected. Threats elsewhere included an imminent labour strike in North Sea oil fields.
Although trade tensions between the US and China pushed oil lower for much of this month, Barclays Plc warned of “significant upside risk†for prices in the fourth quarter as sanctions begin to bite Iranian exports. The bank estimated US measures against the Islamic Republic will crimp Iranian exports by about 700,000 barrels a day.
The dollar weakened ahead of crucial meetings by central bankers later this week, boosting the appeal of commodities priced in the US currency.
West Texas Intermediate crude for September delivery rose $1.72 to $70.41 a barrel on the New York Mercantile Exchange. Total volume traded was about 23 percent below the 100-day average.
Brent for September settlement added 97 cents to $75.26 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a $4.85 premium to WTI.
Suncor Energy Inc. lowered the top end of its full-year production range as it works to bring the Syncrude oil-sands facility back online after a power outage brought the 350,000-barrel-a-day plant down last month. Output this year will be 740,000 to 750,000 barrels of oil equivalent a day, the Calgary-based company said last week.