Market News
Oil dips as Putin and Xi meet at SCO summit in China -
Oil (BZ=F, CL=F)
Oil futures contracts ticked up on Monday morning, gaining as China hosted countries from across Asia and the Middle East at the Shanghai Cooperation Organisation (SCO) Summit in Tianjin.
Among topics on the agenda were trade and the Russia-Ukraine war – both of which have an ongoing impact on the viscose commodity. Western sanctions on Russia and production targets by OPEC have made prices volatile in recent weeks.
Brent crude (BZ=F) futures prices were about 0.5% higher at the time of writing, reaching $67.82 per barrel, while West Texas Intermediate (CL=F) was 0.6% higher, trading at $64.36.
Leaders in attendance at the summit included Vladimir Putin and Indian prime minister Narendra Modi.
The price rises retrace some losses from last week. Brent crude (BZ=F) is down 1.7% over the past five sessions, while WTI (CL=F) has lost about 0.9%.
The dips came as investors weighed concerns about weaker demand for fuel, with developments around sanctions on Russia over the war in Ukraine.
