Oil drops on signs of rising Russian exports and gains by the US dollarBloombergOil declined amid Russia’s plans to boost upcoming overseas oil sales and as the US dollar rallied. Russia is to increase its oil exports 3 percent in the fourth quarter of this year, Interfax reported. Meanwhile, products like propane that are used in heating and rally seasonally in the winter are trading at multiyear highs as natural gas prices surge. “Fundamentals have gotten better and as long as they continue to improve, oil prices will rise,” said Peter McNally, global head of industrials, materials and energy at Third Bridge. He also said he would be surprised to see oil above US$100 a barrel, despite a strong rebound in demand this year.
Source: Taipei Times September 18, 2021 15:56 UTC