Oil Prices Remain High Due to Supply Concerns

Oil prices, after a six-week winning streak, remained elevated but slightly lower on Monday due to concerns over supply tightening. Ukrainian forces attacked two Russian oil tankers in the Black Sea, adding to the unease in the market. Saudi Arabia's decision to extend production cuts and Russia's commitment to reducing exports in September have contributed to the bullish sentiment. However, further upside may be limited as concerns about China's recovery and doubts about the duration of production cuts persist.