TOKYO: Oil prices slipped on Tuesday after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered.
September Brent crude futures fell 7 cents to $74.90 a barrel by 0109 GMT, after rising 68 cents, or 0.9 percent, on Monday.
US West Texas Intermediate crude futures (WTI) were down 6 cents at $70.08, after rising more than 2 percent in the previous session.
A Reuters survey showed the Organization of the Petroleum Exporting Countries increased production in July.
OPEC hiked production by 70,000 barrels per day to 32.64 million bpd, a 2018 high. Further supply increases could offset production outages and pressure prices.
WTI rose on Monday on expectations that US inventories fell last week and worries that an outage at a Syncrude facility in Canada will not be solved as soon as expected, traders said.
Crude inventories at the Oklahoma delivery point for WTI have been dwindling, in part due to the Syncrude outage that has reduced the flow of oil into the hub.
Stocks at the Cushing storage hub fell to 23.7 million barrels, the lowest since November 2014 in the week to July 20.
Energy information company Genscape, however, said that inventories at Cushing rose almost 200,000 barrels, or nearly 1 percent, from Tuesday to Friday last week, according to traders.
Oil prices have rebounded from recent lows over the last two weeks, as looming sanctions on Iran have already started to curtail exports from that country. US President Donald Trump said on Monday he would meet with Iran’s President, Hassan Rouhani.
Oil prices slip after OPEC output rise
Oil prices slip after OPEC output rise
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
