Key Points
Brent crude futures fell 29 cents, or 0.4%, to $74.50 a barrel by 0058 GMT..
Oil prices edged lower on Monday ahead of a Federal Reserve meeting as investors try to gauge the central banks appetite for further rate hikes, while concerns about Chinas fuel demand growth and rising Russian crude supply weighed on the market..
Both benchmarks notched their second straight weekly decline last week as disappointing China economic data raised concerns about demand growth in the worlds largest crude importer, offsetting a boost in prices from Saudi Arabia cutting an extra 1 million barrels per day (bpd) from production in July...
Oil prices are caught in a clash between two opposing forces, bearish asset allocators who point to monetary contraction and bullish oil speculators expecting lower inventories in 2H23, Bank of America Global Researchs Francisco Blanch said in a note..
On supply, despite Saudi Arabias pledges to cut oil production four times in the past year, Russian supply has held up as sanctions were engineered in a way to have less of an impact on output, Blanch said.. Russian oil exports to China and India have grown despite the implementation of the European Unions embargo and the Group of Sevens price cap mechanism that started in early December..
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