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Crude Extends Decline on Inflation Concern and No Further Russia Output Cut


Crude extends the decline through the lows from yesterday following the release of US PMI data as oil demand growth concerns weigh on prices with. Russian plans not to further cut production have added to the downside pressure.

  • The PMI services press release noted “The worry is that, although selling price inflation has cooled further, June saw increased cost growth in the service sector, which has been the main area of inflation concern in recent months.”
  • Russia’s does not plan to deepen crude production cuts to fulfill its pledge to reduce its August crude exports by 500kbpd.
    • Brent SEP 23 down -1.7% at 75.32$/bbl
    • WTI AUG 23 down -1.8% at 70.51$/bbl
    • Brent SEP 23-OCT 23 up 0.03$/bbl at 0.27$/bbl
    • Brent DEC 23-DEC 24 down -0.07$/bbl at 3.01$/bbl

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