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SINGAPORE: Oil prices traded in a tight range on Monday as worries about rising output and the impact of US tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes.

Brent crude fell 30 cents, or 0.44 percent, to $67.18 a barrel by 7:00 a.m. Saudi time, while US West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44 percent. Trading is expected to be muted due to a US bank holiday.

Ukrainian President Volodymyr Zelensky vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports.

Markets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day, according to tanker tracker data cited by ANZ analysts in a note.

However, Russian oil exports to India are set to rise in September, traders said, despite secondary tariffs imposed on New Delhi by the US for buying oil from Moscow.

“Modi’s meeting with Putin in China will be closely watched, particularly in light of US pressures,” Michael McCarthy, CEO of Moomoo Australia, said, referring to the Indian and Russian presidents who are attending the Shanghai Cooperation Organization regional security bloc in China.

A Reuters poll on Friday showed that oil prices are unlikely to gain much traction from current levels this year, as rising output from top producers adds to the risk of a surplus and US tariff threats weigh on demand growth.

The week started with a slew of manufacturing and export data from China, Japan and South Korea, among the world’s biggest crude oil importers.

Factory activity in China unexpectedly grew in August but weakened for other Asian economies as companies began to feel the pain from US tariffs, private surveys showed on Monday, clouding the outlook for the region’s fragile recovery.

Brent and WTI crude posted their first decline in four months in August, down 6 percent or more on OPEC+ supply concerns.

Investors are eyeing the Sept. 7 meeting between members of the Organization of the Petroleum Exporting Countries and their allies for further supply cues.

Meanwhile, US crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration on Friday.

A US labor market report this week will give a crucial read into the economy’s health and test investors’ confidence that interest rate cuts are coming soon, a view that has lifted their appetite for riskier assets such as commodities.

RIYADH: ������Ƶ’s Tadawul All Share Index slipped on Sunday, losing 35.42 points, or 0.33 percent, to close at 10,696.89.

The total trading turnover of the benchmark index reached SR3.16 billion ($842 million), with 38 stocks advancing and 217 declining.

The Kingdom’s parallel market Nomu also dropped, falling 360.62 points, or 1.37 percent, to 25,943.03, as 30 stocks advanced while 65 retreated.

The MSCI Tadawul Index shed 2.59 points, or 0.19 percent, to close at 1,382.06.

Development Works Food Co. was the day’s top performer, rising 6.53 percent to SR124. Arab National Bank gained 3.02 percent to SR24.21, while Banque Saudi Fransi advanced 2.96 percent to SR16.70.

On the downside, SABIC Agri-Nutrients Co. fell 5.44 percent to SR114.80. 

Rabigh Refining and Petrochemical Co. (Petro Rabigh) declined 5.14 percent to SR7.01. The company announced a board recommendation to raise its capital from SR16.7 billion to SR21.9 billion through issuing and privately offering new ordinary shares to founding shareholders, alongside a subscription agreement.

In corporate updates, Saudi Networkers Services Co. reported a net profit of SR20.6 million for the first half of 2025, up 4.4 percent from a year earlier, supported by higher revenues and improved margins. Its shares closed at SR73, up 6.84 percent.

Advance International Co. for Communication and Information Technology posted a net loss of SR2.9 million for the same period, compared with a profit of SR5.15 million last year. The company cited higher operating costs and lower selling prices in its wholesale and supplies division. Its shares ended at SR2.30, down 8.33 percent.

Arabian International Healthcare Holding Co. narrowed its losses to SR24.2 million, down 23.6 percent year on year, aided by stronger gross profit and lower impairment charges. Its shares closed at SR33.30, down 15.87 percent.

Saudi Parts Center Co. swung to a net loss of SR6.2 million in the first half of the year, versus a profit of SR689,000 last year, due to a 17 percent sales drop and weaker revenue from its Engine and Generator Repair Center. Its shares ended at SR42, down 13.04 percent.

Rawasi Albina Investment Co. turned to a net profit of SR1.19 million from a loss of SR9.7 million a year earlier, driven by higher revenues from completed projects and contract expansions in construction, telecoms, and energy. Its stock fell 7.69 percent to SR3.98.