The international benchmark for oil prices, Brent crude traded at $85.45 per barrel on Monday translating to a 0.77% increase from the closing price on Friday of $84.80 per barrel.Also, the American benchmark West Texas Intermediate (WTI) traded at $81.31 per barrel, up 0.81% from the session close of $80.66 per barrel.Data from the global oil market showed that both crude oil benchmarks posted significant losses last week over fears of a slowdown in economic growth in China and the expectation of further interest rate hikes in the United States.According to market reports, global crude oil prices were up as tight supply expectations offset weak demand forecasts.According to market reports, global crude oil prices were up as tight supply expectations offset weak demand forecasts.Likewise, Russia announced it would continue to voluntarily reduce oil exports. It said it would reduce exports by 500,000 bpd in August and cut 300,000 bpd in September.
Index to Nigerian Newspapers
