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U.S. Supply Picture Supports Crude

OIL

The continued slow restoration of U.S. crude supply in the Gulf of Mexico in the wake of Hurricane Ida supported crude futures in early trade this week, with WTI & Brent adding ~$0.40 to their respective settlement levels as a result. Elsewhere, reports suggested that the oil rich Yemini areas of Rahaba and Mahliyah were retaken by the Houthi group. Positive developments surrounding the IAEA & Iran re: mentoring Iran's centrifuge workshops & uranium mines may have tempered the gains a little, although prospects surrounding the revival of the broader monitoring deal remain unclear. Looking ahead to Monday, OPEC's monthly oil market report will provide some interest for participants.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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