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Bullish Factors Supporting Oil After Initial Post U.S. PPI Move

OIL

More bullish factors supporting oil after the initial lower than expected US PPI move followed by Hezbollah Middle East escalations and Russian vowing to compensate for overproduction (Follows similar messaging by Kazakhstan and Iraq this week)

  • May PPI -0.2% M/M (0.1% expected); core PPI (ex food/energy/trade) 0% (0.3% expected)
  • "HEZBOLLAH LAUNCHES LARGEST DRONE ATTACK ON ISRAEL SINCE BEGINNING OF WAR -SECURITY SOURCE" – RTRS
  • *RUSSIA AIMS TO STRICTLY COMPLY WITH OPEC+ QUOTA IN JUNE -bbg
  • *RUSSIA TO COMPENSATE FOR CRUDE OVERPRODUCTION THROUGH SEPT'25 – bbg
  • Brent AUG 24 up 0.2% at 82.71$/bbl
  • WTI JUL 24 up 0.1% at 78.58$/bbl
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More bullish factors supporting oil after the initial lower than expected US PPI move followed by Hezbollah Middle East escalations and Russian vowing to compensate for overproduction (Follows similar messaging by Kazakhstan and Iraq this week)

  • May PPI -0.2% M/M (0.1% expected); core PPI (ex food/energy/trade) 0% (0.3% expected)
  • "HEZBOLLAH LAUNCHES LARGEST DRONE ATTACK ON ISRAEL SINCE BEGINNING OF WAR -SECURITY SOURCE" – RTRS
  • *RUSSIA AIMS TO STRICTLY COMPLY WITH OPEC+ QUOTA IN JUNE -bbg
  • *RUSSIA TO COMPENSATE FOR CRUDE OVERPRODUCTION THROUGH SEPT'25 – bbg
  • Brent AUG 24 up 0.2% at 82.71$/bbl
  • WTI JUL 24 up 0.1% at 78.58$/bbl