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Mid-Day Oil Summary: Crude Ticks Down

OIL

Crude prices are ticking slightly lower, erasing gains during the morning. The market is watching for indicators ahead of the updated EIA data later today and the latest US July CPI data.

  • Brent OCT 24 down 0.2% at 80.52$/bbl
  • WTI SEP 24 down 0.4% at 78.07$/bbl
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude -5.2bbl, Cushing -2.277mbbl
  • ARA crude inventories rose 228k bbls or 0.4% in the week ended August 9 to 52.7mn bbls according to Genscape.
  • Russian seaborne crude exports rose by 80,000 bpd on a four-week average basis to a five-week high of 3.19 mn bpd in the period to August 11 according to Bloomberg vessel tracking.
  • Libyan Waha oil production has dropped from about 300kbd to 100kbd after a pipe fire on Monday according to Bloomberg sources.
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