Global stocks, which typically move in lockstep with oil, are on track for their biggest monthly decline since the pandemic hit markets in March 2020.
Both WTI and Brent, which hit seven-year highs last week, are headed for monthly gains of more than 12%.
Ahead of an expected Federal Reserve interest rate decision on Wednesday, where a hike could weigh on prices, geopolitical risks involving oil and gas producer Russia have underpinned prices.
NATO said on Monday it would put forces on standby and reinforce eastern Europe with more warships and fighter jets, in what Moscow criticized as Western “hysteria” in response to a Russian troop surge along the Ukraine border.
In the Middle East, Yemen’s Iran-aligned Houthi movement launched a missile attack on the United Arab Emirates on Monday that targeted a base housing the US military but was thwarted by US-made Patriots interceptors, officials said. Washington and Emiratis.
The OPEC+ group, which brings together the Organization of the Petroleum Exporting Countries with Russia and other producers, is struggling to meet its monthly output increase target of 400,000 barrels per day (bpd).
By Shadia Nasralla, Reuters Agency
Source From: Ambito
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