U.S. Rig Count is down 3 from last week to 764, Canada Rig Count is down 1 from last week to 203.

Brent rose 10 cents, or 0.1%, at $96.88 a barrel, WTI was up 21 cents, a 0.2% gain, at $90.87.

The price of OPEC basket of thirteen crudes stood at $104.86 a barrel

Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.

The incentive to reduce gas consumption is huge after Putin reduced supplies to Germany via the Nord Steam 1 pipeline. The Dutch TTF gas contract, a European benchmark, is trading above 205 euros ($209) per megawatt hour, 10 times its average in the decade through 2020 and equivalent to about $350 per barrel of oil.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

U.S. commercial crude oil inventories increased by 4.5 million barrels to 426.6 million barrels.

Brent were down $1.34, or 1.3%, at $99.20 a barrel, WTI fell $1.28, or 1.4%, to $93.14 a barrel.

The price of OPEC basket of thirteen crudes stood at $106.80 a barrel

The Joint Technical Committee of OPEC+, which includes Russia, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day to 800,000 bpd

The region imported almost 700,000 barrels a day of the fuel from Russia last month, higher than the previous month and a 22 per cent increase compared with July last year

Brent was down $1.40, or 1.4%, to $98.63 a barrel, WTI fell $1.00, or 1.1%, to $92.89.

The price of OPEC basket of thirteen crudes stood at $110.90 a barrel

Средняя цена на нефть марки Urals в январе-июле 2022 года сложилась в размере $83,27 за баррель, в январе-июле 2021 года – $64,68 за баррель.

The boom in STS activity involving Russian crude came as Moscow's seaborne oil exports defied Western sanctions to hit post-pandemic highs of 4 million b/d in April 2022.