The Russian Federation retains its full commitment to the OPEC Plus agreement.

Brent gained 97 cents, or 1.27%, to $77.27 a barrel, WTI climbed $1.14, or 1.56%, to $74.08.

The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of May and June 2024 and noted the high overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

BRENT Crude trading at the Globex Open on a $76.57/bbl & WTI Crude trading at $73.64/bbl. This is after the US DOE finalised its purchase of 4.65m/bbl of Crude Oil for SPR to be delivered from October to December.ExxonMobil to also supply 3.9m/bbl,Macquarie Commodities trading to supply the rest at an average pricing of $76.92/bbl.

Brent fell by 32 cents, or 0.4%, to $79.46 a barrel, WTI down 36 cents, or 0.5%, at $75.45 a barrel.

Brent rose 21 cents to $84.87 a barrel, WTI ose 26 cents to $81.67 a barrel.

It should be noted that the high flying bulls on the Oil Market may be sublime in the long-run perspective of things as demand is drawing down inventories globally and refinery margins have come off.

Brent edged up 47 cents or 0.5% to $86.71 per barrel, WTI climbed 43 cents or 0.5% to $83.24 per barrel.

The IAEA and the OPEC Fund for International Development (OPEC Fund) have formally agreed to strengthen joint efforts to tackle the world’s growing health, food, energy and climate development challenges with nuclear science and technology under a new Practical Arrangement (PA).

Brent rose 40 cents, or 0.5%, to $85.41 a barrel, WTI gained 43 cents, or 0.5%, to $81.26 per barrel.