Lagos, September 1 — Oil prices hovered in a tight range on Monday following worries about intensified airstrikes in the Russia-Ukraine conflict.
Brent Crude fell 30 cents, or 0.44%, to $67.18 a barrel early Monday.
US West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44%.
Both Brent crude and U.S. West Texas Intermediate (WTI) crude saw only slight changes in price, reflecting the market’s indecision.
Trading volumes were anticipated to be subdued due to a U.S. bank holiday, which further contributed to the muted price action.
The ongoing conflict between Russia and Ukraine has escalated in recent weeks, with both nations targeting each other’s energy infrastructure. Ukrainian drone attacks on Russian refineries have disrupted exports and added a layer of geopolitical risk to global oil supply.
Weekly shipments from Russian ports have reportedly dropped to a four-week low.
