Mid-Day Oil Summary: Crude Continues Rise

Oil prices have continued yesterday’s rally back to start of the week levels supported by increased geopolitical risks involving Iran, the fifth consecutive weekly US crude stock drawdown, and a more dovish Fed Powell ahead of the OPEC monitoring committee meeting.

• Brent OCT 24 up 0.9% at 81.55$/bbl
• WTI SEP 24 up 0.9% at 78.63$/bbl
• The New York Times is reporting that according to Iranian officials briefed on the matter, Supreme Leader Ayatollah Ali Khamenei "has issued an order for Iran to strike Israel directly, in retaliation for the killing in Tehran of Hamas’s leader, Ismail Haniyeh,".
• No changes are expected from OPEC+ on Thursday according to a range of Bloomberg and Reuters sources this week as it meets for its online joint ministerial monitoring committee meeting (JMMC).
• Saudi may raise its September OSP for Asia for the first time in three months according to a Reuters survey.
• The National Hurricane Center has warned about Carlotta becoming a hurricane later today or tonight.
• Libya plans to export 8.8m bbl, or 284k b/d, of Es Sider crude in August, according to an initial loading program compiled by port agents, seen by Bloomberg.
• Venezuela’s oil production by state-owned PDVSA and its foreign partner rose to 993k b/d in July, up 85k b/d on the month, Platts said.