April 26, 2024 15:37 GMT
Oil Extending Gains Friday After Weekly Recovery
OIL
Oil Summary at European Close: Oil is marginally building on Thursday’s upward move and the general extension for oil this week.
- Brent JUN 24 up 0.6% at 89.54$/bbl
- WTI JUN 24 up 0.6% at 84.07$/bbl
- Oil markets rallied late yesterday as a reversal downwards in US dollar offered support and despite weaker than expected US GDP numbers putting pressure on the oil demand outlook.
- The geopolitical risk premium priced in during early April fell off last week allowing market supply and demand fundamentals to return into focus.
- China buyers appear intent on Iranian oil purchases with TankerTrackers flagging a record 8 STS transfers going on off China for a combined 16mn bbls of oil.
- A vessel owned by the sanctioned Sovcomflot, carrying Russian Urals crude, is heading toward India, after the country’s refiners said last month, they halt imports of oil on Sovcomflot tankers, Bloomberg ship tracking showed.
- Kazakhstan’s Energy Ministry has denied reports out Thursday that its transit of oil to Germany via Russia could be stopped in June over a payment dispute.
- Russia is ready to expand military and technical cooperation with Iran, Russian Defence Minister Sergei Shoigu told his Iranian counterpart Gharaei Ashtiani at a meeting on Friday – a headline which appeared supportive for oil earlier in the session but soon sold off.
- UAE’s Adnoc imported a crude oil cargo from Iraq in a rare move after upgrading the Ruwais refinery to process heavier and cheaper crudes, Bloomberg ship tracking data showed.
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