Focus on China — Sufficient monetary policies to meet the challenges; Implementation of a “prudent” monetary policy in the near future
Oil Updates – Crude Up; Petronas Takes Steps to Protect Global Assets; Venezuela denounces the attack on a gas pipeline
RIYADH: Oil prices extended their gains on Monday, supported by a weaker dollar and tight supplies that offset worries about the recession and the prospect of widespread COVID-19 lockdowns in China reducing demand for fuel again.
Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel at 0421 GMT, after gaining 2.1% on Friday.
U.S. West Texas Intermediate crude futures for August delivery edged up 27 cents, or 0.3%, to $97.86 a barrel, after climbing 1.9% in the previous session.
The U.S. dollar retreated from multi-year highs on Monday, supporting commodity prices ranging from gold to oil. A weaker dollar makes commodities denominated in dollars more affordable for holders of other currencies
Petronas says taking steps to protect global assets
Malaysia’s state-owned energy company Petronas said it was taking steps to protect the legal position of all its global assets after two Luxembourg-based subsidiaries received a notice of seizure last week over a dispute with the heirs of a deceased sultan.
The last Sultan of Sulu’s heirs is seeking to seize Malaysian government assets around the world in a bid to enforce an arbitration award handed down to them by a French court in February. The subsidiaries have been the subject of a notice of seizure by the Luxembourg bailiffs.
Venezuela denounces the attack on a gas pipeline
Venezuelan Oil Minister Tareck El Aissami said on Twitter on Sunday that technical staff from Venezuela’s state-owned oil company PDVSA and firefighters were extinguishing a fire on a gas pipeline in the east of the country.
In his comments on Twitter, El Aissami called the fire “a new attack” on the gas system.
His Twitter comments did not specify which pipeline was on fire. However, three industry sources said he was referring to a fire on a section of a pipeline in Monagas state.
The fire started late Saturday afternoon on a section of the pipeline near the Aguasay 5A plant, according to an internal report dated July 16 from PDVSA, as the state-owned Petroleos de Venezuela. , and reviewed by Reuters.
El Aissami attributed the fire to unidentified terrorist groups, saying “these are the same terrorist groups as always, who acted against the national interest to affect the lives of our people”.
(Contributed by Reuters)