Mid-Day Oil Summary: Crude Heads for Weekly Rise

Crude is heading for another net gain on the week to continue a rally in place since the start of June up to a high of $87.6/bbl yesterday.

• Brent SEP 24 down 0.2% at 87.23$/bbl
• WTI AUG 24 down 0.1% at 83.83$/bbl
• Hurricane Beryl forecasts show the tropical storm is no longer a threat to BP’s Gulf of Mexico assets according to the company.
• US Payrolls, Rig Counts & ICE COT: US nonfarm payrolls are due for release at 08:30 ET.
• Saudi Arabia’s price cut for its flagship Arab Light crude sold to Asian customers was less significant than expected, DNB markets said
• ADNOC OSP - Adnoc set the Murban OSP at $82.52/bbl for August compared to $83.93/bbl in July.
• Suncor Energy has shut down its 215,000 bpd Firebag oil sands site in northern Alberta in precautionary measures for a wildfire about 5 miles away.
• Three firms in India are holding talks as a consortium with Brazil’s Petroleo Brasileiro to secure long term guaranteed crude oil supplies according to Mint cited by Bloomberg.
• Dirty-to-clean switches have entered a new dimension, occurring on bigger tankers, Vortexa said.