Oil holds ground above 3-week low amid Taiwan tensions

2022-08-02 15:25:32 GMT (Economies.com)
Oil holds ground above 3-week low amid Taiwan tensions

Oil prices rose in European trade for the first time in three sessions, holding above three-week lows amid rising geopolitical tensions in Taiwan.

 

Markets also await tomorrow's OPEC + meeting, which will include Russia, to decide their output in September. 

 

Oil Prices

 

US crude rose 1.5% to $95.13 a barrel, while Brent climbed 1.4% to $101.12 a barrel off July 15 lows at $98.54.

 

US crude lost 4.3% yesterday, marking three-week lows at $92.44, while Brent shed 3.5% on global demand concerns. 

 

Taiwan Tensions 

 

US officials prepare to visit Taiwan today in an official visit, amid strong opposition by Chinese authorities and US attempts to calm Chinese nerves.

 

However a deliberately obtuse stance by the US on Taiwan makes it more difficult to ascertain the true purpose of the visit.

 

China responded by imposing new tariffs on Taiwanese goods, with several Chinese military aeroplanes flying near Taiwanese borders.

 

OPEC Plus

 

Tomorrow, OPEC Plus will hold its monthly meeting that includes Russia to decide September quotas, with many analysts expecting no change. 

 
 
 
  Symbol Last Change Chg.%
1.0265
0.0067
0.6597%
1.2139
0.0022
0.1816%
20.583
0.219
1.075%
92.262
3.784
4.277%
97.88
-1.74
1.75%
1796.970
15.295
0.859%
 
 
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