Brent oil contracts climb to 2% while Russia flows, American policies to the point

Oil prices gained ground on Tuesday, while Ukraine war climbers raised questions about the resilience of Russian supplies, while uncertainty persists on the impact of Washington policies on the main oil consumers.

The future of Brent with the expiration of November were $ 69.46 per barrel at 10:54 a.m. London time (5:54 am), up 1.92% compared to the Monday fence.

The Nymex WTI contract in October in October was traded at $ 65.97 per barrel, 3.06%higher. WTI term contracts did not settle on Monday due to the American holiday.

Moscow and kyiv increased fire exchanges in their three and a half years conflict, reuters calculations pointing to Ukrainian drone attacks closing the facilities representing at least 17% of the Russian oil processing capacity. CNBC could not independently check the report.

The Ukrainian President Volodymyr Zelenskyy has promised “new deep strikes” against Russia in an article on social networks this weekend, without disclosing details. His commitment comes in the midst of American and European efforts to attract the leader of the Kremlin Vladimir Putin to concede to bilateral ceasefire discussions with his Ukrainian counterpart.

The White House has separated separately from the indirect pressure on Russian oil consumers, implementing additional samples from imports of Indian products which it has allocated to the current purchases of New Delhi in Moscow. India has criticized taxes as “unjust, unjustified and unreasonable”.

In another sign of deterioration of relations, US President Donald Trump doubled on Washington’s business ties on Monday with India as a “completely unilateral disaster”.

Above all, Washington has not yet moved against China, the largest raw importer in the world and the largest oil buyer in Russia since the introduction of G7 sanctions. Putin, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met at the Shanghai Cooperation Organization (SCO) of this week in a demonstration of the South World Unit.

Also on the offer side, petroleum investors are looking for production policy signals for a subset of eight members of OPEC + Alliance – including heavy goods vehicles from Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates – which are due to a million producers deliberation. It is widely considered as little likely to change the course on the strategy this week.

“We think, as is the wider market that the group will leave the production levels unchanged for October,” analysts said on Tuesday. “The extent of the surplus until next year it means that the group will bring an additional supply to the market. The most important risk is OPEC + decide to restore the reductions in the offer, taking into account the concerns concerning a surplus.”

Market players also follow the publication of this week of the American August employment report, which should be taken into account in the monetary policy of the American federal reserve from September 16 to 17. The Fed should currently lower interest rates at the time, in a decision that could echo a softer backpack and push the demand for products related to the United States, such as oil.