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Mid-Day Oil Summary: Crude Furthering Losses

OIL

The crude market is weaker again today as concerns of stickier US inflation and possible delays to Fed rate cuts worsen the demand outlook.

  • Brent JUL 24 down 0.7% at 82.33$/bbl
  • WTI JUL 24 down 0.7% at 78.13$/bbl
  • WTI-Brent up 0.09$/bbl at -4.21$/bbl
  • Brent JUL 24-AUG 24 up 0.01$/bbl at 0.19$/bbl
  • Brent AUG 24-SEP 24 up 0.01$/bbl at 0.38$/bbl
  • Brent time spreads are following the bearish move in crude futures with the prompt spread falling to the lowest since early January despite the prospect of extended OPEC+ production cuts into H2 as widely expected by the market.
  • API data showed U.S. crude oil and gasoline inventories rose last week according to Bloomberg adding further downside pressure to prices ahead of the official EIA numbers released later today.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +2.5mbbl, Cushing +1.8mbbl.
  • Large oil projects are expected to nearly double Iraq’s crude production in the next few years to around 8mn bpd according to an Iraqi deputy.
  • Oil markets have lost all of the geopolitical risk premium that had been driving markets higher in recent months and now looks towards the upcoming OPEC meeting according to RBC’s head of commodity strategy Helima Croft.
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