Our benchmark BRENT has slipped in further escalating talks of SPR replenishment vis a vis supply conversations amidst the Chinese Data and US PMI data.We are at the confluence of both head and tail winds friends.

Brent were down 37 cents, or 0.48%, to $77.15 a barrel. WTI was 28 cents up from its Friday close of $73.55.

Led by Saudi Arabia and Russia, the Organization of Petroleum Exporting Countries and its allies are due to add 180,000 barrels a day as they gradually restore output that’s been halted since 2022.

Brent were up 25 cents, or 0.31%, at $79.80 a barrel, WTI rose 17 cents, or 0.23%, to trade at $75.70.

Brent were 3 cents up to $76.08 a barrel, WTI fell 5 cents to trade at $71.88.

Brent climbed 17 cents, or 0.21%, to $79.93 a barrel, WTI increased by 21 cents, or 0.27%, to $77.19 per barrel.

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.