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Crude Reverses Earlier Losses

OIL

Crude prices have reversed earlier losses and are trending higher as signs of further supply tightening from Saudi Arabia and stronger oil demand support prices.

  • Brent SEP 23 up 0.5% at 85.42$/bbl (expiry today)
  • Brent OCT 23 up 0.7% at 84.96$/bbl
  • WTI SEP 23 up 0.8% at 81.22$/bbl
  • WTI is clearing the $81/bbl mark, and next immediate resistance is at $81.44/bbl, followed by $81.75/bbl, the 2023 high. The next Brent resistance is at $84.79/bbl.
  • The latest Bloomberg survey and Goldman Sachs note suggested Saudi Arabia will extend its 1mbpd voluntary output cuts into September.
  • Goldman Sachs said in a note that global oil demand has risen to an all-time high in July of 102.8mb/d and revised 2023 demand by around 550kb/d. It sees solid demand driving a larger-than-expected 1.8mb/d deficit in the second half this year and a 0.6 million bpd deficit in 2024.
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