Brent crude futures slipped 68 cents to $85.56 a barrel by 1256 GMT, while U.S. West Texas Intermediate crude was at $82.15 a barrel, down 67 cents. Both benchmarks dipped by $1 earlier in the session
That may be linked to the lack of any serious damage to infrastructure in Russia’s naval base at Novorossiysk, after another Ukrainian drone attack, said Tamas Varga of oil broker PVM.
“But given the voluntary extension of supply cuts...the base case scenario is that we will see a deficit in the market, which is going to continue to push oil prices higher,” added Naeem Aslam, chief investment officer at Zaye Capital Markets. In line with production cuts, Saudi Aramco raised on Saturday the official selling prices for most grades it sells to Asia for a third month in September.
Given these additional cuts and estimates of significant depletion in oil inventories in the coming months, PVM’s Varga said “the fundamental backdrop becomes blatantly encouraging.”
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