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Oil Drifting Lower as Biden to ask Gulf for More Production

OIL

Outright and spread oil markets are drifting lower after a very small upward move following the OPEC+ agreement to the existing production plan and as Biden says he’ll ask Gulf Alliance to boost oil production.

  • OPEC+ ratified the plan to increase production by 648kbpd in August to restore production to pre pandemic levels.
  • Brent SEP 22 down -1% at 111.33$/bbl
  • WTI AUG 22 down -1.1% at 108.61$/bbl
  • Gasoil JUL 22 down -2.1% at 1194.25$/mt
  • WTI-Brent down -0.73$/bbl at -6.88$/bbl
  • Brent SEP 22-OCT 22 up 0.09$/bbl at 3.28$/bbl
  • Brent DEC 22-DEC 23 up 0.08$/bbl at 12.37$/bbl
  • US gasoline crack down -2.4$/bbl at 41.77$/bbl
  • US ULSD crack down -0.4$/bbl at 56.17$/bbl
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Outright and spread oil markets are drifting lower after a very small upward move following the OPEC+ agreement to the existing production plan and as Biden says he’ll ask Gulf Alliance to boost oil production.

  • OPEC+ ratified the plan to increase production by 648kbpd in August to restore production to pre pandemic levels.
  • Brent SEP 22 down -1% at 111.33$/bbl
  • WTI AUG 22 down -1.1% at 108.61$/bbl
  • Gasoil JUL 22 down -2.1% at 1194.25$/mt
  • WTI-Brent down -0.73$/bbl at -6.88$/bbl
  • Brent SEP 22-OCT 22 up 0.09$/bbl at 3.28$/bbl
  • Brent DEC 22-DEC 23 up 0.08$/bbl at 12.37$/bbl
  • US gasoline crack down -2.4$/bbl at 41.77$/bbl
  • US ULSD crack down -0.4$/bbl at 56.17$/bbl