SINGAPORE: OilNSE 3.41 % prices were mixed on Monday, weighed down by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and US sanctions against Iran and Venezuela.
Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.
US West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95.
“The market sits in limbo as it searches for direction,” said Matt Stanley, a broker with Starfuels in Singapore.
