AP: OIL prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for Opec+ oil producers would ease tight supply.
Brent crude fell 21 cents, or 0.2 per cent, to settle at US$119.51 a barrel after touching an intraday high of US$121.95.
US West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.3 per cent, to settle at US$118.50 a barrel after hitting a three-month high of US$120.99. The benchmark fell by US$1 earlier in the session.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by US$2.10 from June to a US$6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in supplies from Russia.
The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called Opec+, to boost output for July and August by 648,000 barrels per day, or 50 per cent more than previously planned, though constraint in global refining capacity has kept prices elevated.