Saudi Economics Association elects new governing board  

Saudi Economics Association elects new governing board  

Oil Updates — crude dips on possible easing of tight supply, China woes hurt demand outlook

SINGAPORE: Oil edged lower on Tuesday as the market waited to see if Iraqi exports through the Ceyhan oil terminal would resume, which could ease the supply tightness caused by the output cuts of the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+, while a faltering Chinese economy weighed on the outlook for demand.

Brent crude was down 11 cents at $84.35 a barrel by 09:51 a.m. Saudi time, while the more active US West Texas Intermediate October contract slipped 10 cents to $80.02 a barrel.

The front-month WTI contract that expires in September was up 17 cents at 80.89 a barrel.

“Crude oil struggled to keep its head above water on signs of supply tightness easing,” Brian Martin and Daniel Hynes, analysts from ANZ Bank, said in a note to clients.

Iraq’s oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister’s office told Reuters on Monday.

Turkiye halted Iraq’s 450,000 barrels per day of exports through the northern Iraq-Turkiye pipeline on March 25 after