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OIL: Mid-Day Oil Summary: Crude Maintains Weekly Losses

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Brent crude is holding steady today but heading for a weekly decline with market focus on oversupply risks. The potential for the return of missing Libya barrels and suggestions that Saudi will stick to plans to increase supply from December are weighing on crude markets. The impact of China stimulus measure this week remains uncertain.

  • Brent NOV 24 up 0.1% at 71.65$/bbl
  • WTI NOV 24 up 0.2% at 67.78$/bbl
  • Gulf of Mexico shut in offshore oil output fell to about 442kb/d, or 25% of as Hurricane Helene reached Florida, according to the Bureau of Safety and Environmental Enforcement yesterday.
  • Saudi Aramco may increase the Arab Light OSP to Asia by $0.65/bbl in November to a premium of $1.95/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • China’s crude imports from Iran are expected to rise to another new record of 1.79mb/d in September, according to Kpler data cited by Bloomberg.
  • OPEC+’s future production plans depend on the compliance of key members, according to RBC Capital Markets cited by Bloomberg. Saudi Arabia and partners will stick with a slow phase-in of supply if visible curtailments from Iraq and Kazakhstan are made.
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Brent crude is holding steady today but heading for a weekly decline with market focus on oversupply risks. The potential for the return of missing Libya barrels and suggestions that Saudi will stick to plans to increase supply from December are weighing on crude markets. The impact of China stimulus measure this week remains uncertain.

  • Brent NOV 24 up 0.1% at 71.65$/bbl
  • WTI NOV 24 up 0.2% at 67.78$/bbl
  • Gulf of Mexico shut in offshore oil output fell to about 442kb/d, or 25% of as Hurricane Helene reached Florida, according to the Bureau of Safety and Environmental Enforcement yesterday.
  • Saudi Aramco may increase the Arab Light OSP to Asia by $0.65/bbl in November to a premium of $1.95/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • China’s crude imports from Iran are expected to rise to another new record of 1.79mb/d in September, according to Kpler data cited by Bloomberg.
  • OPEC+’s future production plans depend on the compliance of key members, according to RBC Capital Markets cited by Bloomberg. Saudi Arabia and partners will stick with a slow phase-in of supply if visible curtailments from Iraq and Kazakhstan are made.