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OIL: Oil End of Day Summary: WTI Down 2.3% on Week

OIL
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WTI has extended its rise today, driven by a sharp fall in the US dollar. However, WTI is still on track for a fall of 2.3% on the week.

  • WTI OCT 24 up 2.5% at 74.84$/bbl
  • US oil rig count was unchanged on the week at 483 rigs, according to Baker Hughes.
  • Money managers have decreased their bullish ICE brent crude oil bets by 8,587 net-long positions to 61,197, weekly ICE futures data showed.
  • US and Israeli negotiators started new talks in Cairo on Thursday and will continue into the weekend to negotiate with Hamas to find common ground.
  • Softness in manufacturing and jobs data suggest a slowing US economy to add to suggestions of a struggling economy in China and slowing oil demand from refiners.
  • Arbitrage flows of Canadian heavy crude to China continue with the Kearl Lake Blend making its return for the first time since 2018, Platts said.
  • India’s crude oil imports in July fell by 0.7% year on year to 19.4m mt but were up compared to 18.8m mt in June.
  • The speaker of Libya’s eastern-based parliament has warned of a possible oil blockade over an attempt to replace the central bank governor.
  • Russian oil supply to Europe via Ukraine rose to 1.09m mt in July from 540k tons in June.
  • Morgan Stanley cut the Brent crude price forecast for Q4 2024 and into 2025 with a switch to a market surplus, Bloomberg said.
  • The oil market is likely to flip into a surplus as early as Q4, if OPEC+ proceeds with unwinding cuts as planned, Bloomberg said.
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WTI has extended its rise today, driven by a sharp fall in the US dollar. However, WTI is still on track for a fall of 2.3% on the week.

  • WTI OCT 24 up 2.5% at 74.84$/bbl
  • US oil rig count was unchanged on the week at 483 rigs, according to Baker Hughes.
  • Money managers have decreased their bullish ICE brent crude oil bets by 8,587 net-long positions to 61,197, weekly ICE futures data showed.
  • US and Israeli negotiators started new talks in Cairo on Thursday and will continue into the weekend to negotiate with Hamas to find common ground.
  • Softness in manufacturing and jobs data suggest a slowing US economy to add to suggestions of a struggling economy in China and slowing oil demand from refiners.
  • Arbitrage flows of Canadian heavy crude to China continue with the Kearl Lake Blend making its return for the first time since 2018, Platts said.
  • India’s crude oil imports in July fell by 0.7% year on year to 19.4m mt but were up compared to 18.8m mt in June.
  • The speaker of Libya’s eastern-based parliament has warned of a possible oil blockade over an attempt to replace the central bank governor.
  • Russian oil supply to Europe via Ukraine rose to 1.09m mt in July from 540k tons in June.
  • Morgan Stanley cut the Brent crude price forecast for Q4 2024 and into 2025 with a switch to a market surplus, Bloomberg said.
  • The oil market is likely to flip into a surplus as early as Q4, if OPEC+ proceeds with unwinding cuts as planned, Bloomberg said.