Oil prices rise amid decline in Russia's crude exports

Oil drilling rigs

Oil prices rose on July 18 amid a decline in Russia's crude exports and flexibility of US economy.

Russia’s seaborne crude flows sank to a six-month low in the latest four-week period as Moscow finally appears to be making good on its pledge to cut supply to international markets. Crude shipments in the four weeks to July 16 dropped to 3.1 million barrels a day, Bloomberg reported.

Shale oil production, which has revolutionized the energy industry and transformed the US economy, will stop growing in August. After hitting record highs in June and July, US crude production is set to fall in August for the first time this year to 9.4 million barrels a day, led by a drop in the oil-rich Permian Basin, the Energy Information Administration reported.

Brent crude for September delivery rose 1.45%, or $1.13, to $79.63 a barrel and US WTI contracts for August delivery crude closed 2.2%, or $1.60 higher at $75.75.