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OIL: Mid-Day Oil Summary: Crude Rises on the Week

OIL
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Crude markets are weaker today but set for a net weekly gain amid a general improved risk sentiment from the broad expectation that the Federal Reserve seems confident of engineering a soft landing for the US economy.

  • Brent NOV 24 down 0.6% at 74.45$/bbl
  • WTI OCT 24 down 0.4% at 71.64$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • India has discussed raising oil imports from Brazil in a meeting with the head of Petrobras, India's oil minister Hardeep Singh Puri said.
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Crude markets are weaker today but set for a net weekly gain amid a general improved risk sentiment from the broad expectation that the Federal Reserve seems confident of engineering a soft landing for the US economy.

  • Brent NOV 24 down 0.6% at 74.45$/bbl
  • WTI OCT 24 down 0.4% at 71.64$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • India has discussed raising oil imports from Brazil in a meeting with the head of Petrobras, India's oil minister Hardeep Singh Puri said.