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Oil Slips Back to Negative Territory

OIL

Any fears around potential OPEC+ cuts this weekend are failing to take hold of markets as crude slips to negative territory for the day after Chinese weakness weighed on the market this week.

  • Oil had gained some momentum this morning over optimism around the US debt ceiling being resolved as well as hopes over a Fed rate hike pause.
  • Refinitiv reported Chinese crude oil imports came in at 11.22 million bpd in May, which would be up from the 10.36 million bpd in April but down from the 34-month high of 12.37 million bpd in March.
  • It is not clear if this is to maintain high refinery run rates or to bolster stockpiles which Kpler showed earlier this week were growing.
  • Brent AUG 23 down -0.2% at 72.43$/bbl
  • WTI JUL 23 down -0.3% at 67.89$/bbl
Energy BulletsCommodities
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