Oil mixed as rising US, Russia supplies weigh while strong demand provides support


Oil mixed as rising US, Russia supplies weigh while strong demand provides support

Oil prices were mixed on Monday, caught between the downward pull of rising Russian production and U.S. oil drilling activity at its highest since 2015, and upward pressure from strong demand, especially in Asia.

However, analysts expect surging U.S. output to start offsetting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold production, which have been in place since 2017 and in the first half of this year have pushed up prices significantly.

Brent crude futures, the international benchmark for oil prices, were at $76.50 per barrel at 0215 GMT, up 4 cents from their last close. Read More