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OIL: Oil Summary at European Close: Crude Makes Gains

OIL
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Crude markets are gaining ground today to erase most of yesterday’s losses. Falling stocks and talk of a delay to OPEC cut unwinding weight against US and Chinese economic weakness.

  • Brent OCT 24 up 1.3% at 77.01$/bbl
  • WTI OCT 24 up 1.3% at 72.85$/bbl
  • Wires carrying comments from US Ambassador to the United Nations Linda Thomas-Greenfield. Says that a hostages-for-ceasefire in Gaza deal is 'now in sight'. 
  • US S&P GLOBAL AUG. SERVICES PMI AT 55.2 VS 55 LAST MONTH
  • US S&P GLOBAL AUG. MANUFACTURING PMI AT 48 VS 49.6 PRIOR
  • A report on Wednesday of revised employment statistics in the U.S. showed that fewer jobs were added in 2024 than previously reported and added to weak economic data last week from China that was already weighing on markets.
  • OPEC has received updated compensation plans from Iraq and Kazakhstan for their overproduction in the first seven months of this year, OPEC said.
  • Weaker demand from China has been putting pressure on physical spot prices for USGC heavy sours, especially Mars crude, Platts said in its Oil Markets Podcast.
  • Egypt intends to return its oil and gas production to normal levels from 2025 with the help of international partners according to its Prime Minister Mostafa Madbouly on Thursday.
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Crude markets are gaining ground today to erase most of yesterday’s losses. Falling stocks and talk of a delay to OPEC cut unwinding weight against US and Chinese economic weakness.

  • Brent OCT 24 up 1.3% at 77.01$/bbl
  • WTI OCT 24 up 1.3% at 72.85$/bbl
  • Wires carrying comments from US Ambassador to the United Nations Linda Thomas-Greenfield. Says that a hostages-for-ceasefire in Gaza deal is 'now in sight'. 
  • US S&P GLOBAL AUG. SERVICES PMI AT 55.2 VS 55 LAST MONTH
  • US S&P GLOBAL AUG. MANUFACTURING PMI AT 48 VS 49.6 PRIOR
  • A report on Wednesday of revised employment statistics in the U.S. showed that fewer jobs were added in 2024 than previously reported and added to weak economic data last week from China that was already weighing on markets.
  • OPEC has received updated compensation plans from Iraq and Kazakhstan for their overproduction in the first seven months of this year, OPEC said.
  • Weaker demand from China has been putting pressure on physical spot prices for USGC heavy sours, especially Mars crude, Platts said in its Oil Markets Podcast.
  • Egypt intends to return its oil and gas production to normal levels from 2025 with the help of international partners according to its Prime Minister Mostafa Madbouly on Thursday.