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Crude Trades Higher On Lower Russian Exports

OIL

Crude futures are trading higher amid signs of Russian compliance with output curbs. Prices traded sideways earlier in the session as weak economic data out of China provided downside.

  • Latest data showed Russian four-week average seaborne crude shipments stood at 3.1mbpd, down by 105kbpd week on week as of 16 July, the lowest level in six months according to Bloomberg vessel tracking.
  • This indicates Russia is starting to comply with its pledged output cuts of 500kbpd that took effect in March.
  • Brent SEP 23 up 0.4% at 78.82$/bbl
  • WTI AUG 23 up 0.5% at 74.54$/bbl

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