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China’s most-traded crude oil futures contract on the Shanghai International Energy Exchange, for August delivery, surges 7.1% to close at hit 683 yuan per barrel.
The September low-sulphur fuel oil contract on the bourse jumped by 8.4% to close at 5,438 yuan per tonne. The most-traded fuel oil futures contract on the Shanghai Futures Exchange, for September delivery, soared 10.8% to close at 3,094 yuan per tonne.
In the international market, oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.
Brent crude futures for September settlement rose 0.7%, to $101.85 a barrel by 0421 GMT, after a 2.1% gain on Friday. US West Texas Intermediate (WTI) crude futures for August delivery edged up 0.3% to $97.86 a barrel, after climbing 1.9% in the previous session.
Mass COVID testing exercises continued in parts of China this week, raising oil demand concerns at the world’s second-largest oil consumer. However, oil supplies remained tight, supporting prices. As expected, US President Joe Biden’s trip to Saudi Arabia failed to yield any pledge from the top OPEC producer to boost oil supply.
Iran has set the official selling price (OSP) of its Iranian Light grade for its Asian buyers at $8.90 above the Oman/Dubai average for August, up $2.80 from the previous month, reported Reuters, citing industry sources with direct knowledge of the matter said on Monday.
