Oil prices stable as economic growth concerns offsets tight supply; Brent over $93/bbl

livemint.com:

₹7,508 per bbl, having swung between ₹7,352 and ₹7,520 per bbl during the session so far, against a previous close of ₹7,469 per barrel. -The US dollar hit a 10-month high today, as higher bond yields attracted investors towards the greenback. As the major currency used for oil pricing, a stronger dollar typically weighs on oil demand as it becomes more expensive for importers relative to their local currency.

-The world's top central banks, the US Federal Reserve and the European Central Bank, have over recent days reiterated their commitment to fight inflation, signalling tight monetary policy may persist longer than previously anticipated. Higher interest rates slow economic growth, which curbs oil demand. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click Here -Rating agency Moody's said on Monday that a US government shutdown would harm the country's credit, a warning coming one month after Fitch downgraded the United States by one notch on the back of a debt ceiling crisis.

-Oil prices were mostly flat on Monday, after Russia softened its gasoline and diesel export ban. Exports of products already accepted by Russian Railways and Transneft will be able to go ahead, while higher-sulphur gasoil and fuel used for bunkering will be exempt from the ban. -OPEC has revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day (bpd) - which is 8 lakh bpd higher than 2022.