OIL: Oil End of Day Summary: Crude Rises on the Week

Crude markets have eased back on the day but are set for a net weekly gain of over 4%. Support follows an improved risk sentiment amid expectations that the Fed is confident of a soft landing for the US economy.

• WTI OCT 24 down 0.3% at 71.73$/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 Defence Minister suggested a ‘new phase’ in the war is imminent
• Libya’s oil exports have risen over the past week to 719k b/d, up from 314k b/d last week. This is despite authorities in the east still yet to lift restrictions, Bloomberg said.
• Norway’s August oil and gas output was above the official forecast according to the Norwegian Offshore Directorate.
• 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.
• September oil loadings from the Black Sea port of Novorossiysk in Russia have been revised up to 545k b/d, Reuters said.
• India has discussed raising oil imports from Brazil, its oil minister said.
• India’s crude oil imports in August rose by 6.4% year on year to 19.9m mt.
• Saudi Arabia’s summer oil-burn has returned to historic highs, MEES said.
• Nigeria plans to export 158k b/d of Qua Iboe crude in November, the highest since June, according to a loading programme seen by Bloomberg.