REUTERS/Stringer Acquire Licensing RightsSept 25 (Reuters) - Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.
Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns.
Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week.
In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.
Persons:
Stringer, Tony Sycamore, Vandana Hari, Baker Hughes, Goldman Sachs, Mohi Narayan, Florence Tan, Sonali Paul, Christian
Organizations:
REUTERS, Brent, . West Texas, IG, Northern, Vanda Insights, Thomson
Locations:
Heilongjiang province, China, Moscow, Saudi Arabia, Russia, United States, Florence