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Oil Markets Gaining in Early Session

OIL

Oil prices have extended this morning against a weaker dollar and fears of tighter supply outlooks, with Biden’s trip to the Middle East providing little positive sentiment that Gulf producers will meaningfully boost output, particularly with their inability to meet current production targets.

  • Brent SEP 22 up 1.4% at 102.57$/bbl
  • WTI AUG 22 up 1.3% at 98.87$/bbl
  • Gasoil AUG 22 down -0.6% at 1105.75$/mt
  • WTI-Brent down -0.37$/bbl at -6.81$/bbl
  • Crude prices tumbled last week against recession concerns and the fears that widespread lockdowns across China will remain for the foreseeable future, reducing fuel demand by one of the world’s largest fuel consumers.
  • Brent SEP 22-OCT 22 down -0.07$/bbl at 3.94$/bbl,
  • Brent DEC 22-DEC 23 up 0.31$/bbl at 9.41$/bbl
  • US gasoline and diesel cracks have been weakening with stronger signs emerging that high pump prices have been denting demand during the summer driving season.
  • US gasoline crack down -0.14$/bbl at 36.77$/bbl
  • US ULSD crack down -1.22$/bbl at 56.69$/bbl
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Oil prices have extended this morning against a weaker dollar and fears of tighter supply outlooks, with Biden’s trip to the Middle East providing little positive sentiment that Gulf producers will meaningfully boost output, particularly with their inability to meet current production targets.

  • Brent SEP 22 up 1.4% at 102.57$/bbl
  • WTI AUG 22 up 1.3% at 98.87$/bbl
  • Gasoil AUG 22 down -0.6% at 1105.75$/mt
  • WTI-Brent down -0.37$/bbl at -6.81$/bbl
  • Crude prices tumbled last week against recession concerns and the fears that widespread lockdowns across China will remain for the foreseeable future, reducing fuel demand by one of the world’s largest fuel consumers.
  • Brent SEP 22-OCT 22 down -0.07$/bbl at 3.94$/bbl,
  • Brent DEC 22-DEC 23 up 0.31$/bbl at 9.41$/bbl
  • US gasoline and diesel cracks have been weakening with stronger signs emerging that high pump prices have been denting demand during the summer driving season.
  • US gasoline crack down -0.14$/bbl at 36.77$/bbl
  • US ULSD crack down -1.22$/bbl at 56.69$/bbl