Crude Set To Finish Week Higher Again, WTI Struggles To Break $80

Oil prices are down around 0.5% today after the optimism-driven +1% rise on Thursday, but they have been trading in a narrow range. WTI is around $79.71/bbl after reaching a high of $79.88, as it is still struggles to break $80. It is currently up 3.4% on the week. Brent is around $83.75 following a high of $83.92. The USD index is flat.

• Better US Q2 GDP, possibility Fed may be close to done, economic measures in China and signs of reduced output have supported crude this week and this month. Lower crude inventories in Cushing, down 7.5mn barrels over last 4 weeks, are also helping. As a result some forecasters, such as Standard Chartered and UBS, are revising up prices, according to Bloomberg.
• Exxon and Chevron report today which will include their assessment of the outlook.
• Russia has said that it will meet its OPEC+ output reduction commitments fully in August. Shipping data has shown lower output this month. Saudi Arabia has also said that it will extend its voluntary cuts to next month.
• Later the US Q2 employment cost index, June spending/income including core PCE deflator, and final Michigan consumer survey for July print. There are also preliminary German Q2 GDP and July European Commission survey data.