Oil Summary at European Close: Crude Falls on Dollar Strength

Crude markets have erased earlier gains to be in losses on the day, with pressure coming from a strengthening US dollar.

• Brent JUL 24 down 0.7% at 83.65$/bbl
• WTI JUL 24 down 0.6% at 79.33$/bbl
• WTI-Brent up 0.02$/bbl at -4.31$/bbl
• USD Index up 0.42% at 1254.36
• The spokesman has claimed in a statement that the Iran-backed group has launched its latest 'fourth-round' of military operations, targeting six ships.
• The IRGC-linked Tasnim News Agency has reported that Iran has provided the Houthi rebels in Yemen with its latest Ghadr sea-launched ballistic missiles.
• Due to the voluntary nature of the cuts, announcements may be declared prior to the meet, usually by Saudi first followed shortly by Russia and then the rest of the group.
• The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2: Reuters
• Non-OPEC+ seaborne crude exports remain strong but both non-OPEC+ and OPEC+ are sending less barrels to an oversupplied Atlantic Basin according to Vortexa.
• ARA crude inventories rose 778k bbl or 1.4% the in week ended May 24 to 58.5m bbl according to Genscape.
• The Caspian Pipeline Consortium – which flows Kazakhstan’s oil via a Russian Black Sea Terminal – expects its oil exports to fall 7% short of targets this year due to a drop from Tengiz.
• Iraq exported 102.38m bbl of crude in April, according to the country’s Oil Ministry, cited by Xinhua.
• BofA expects OPEC+ to extend its current cuts into the second half of the year according to Francisco Blanch, its Securities head of global commodity and derivatives research in a CNBC interview.
• MNI COMMODITY WEEKLY- Full piece here: