The IEA predicts oil demand will rise by 2.3 million b/d in 2022 and by a further 1.7 million b/d in 2023, noting the contrast between strong gasoil and diesel use, especially in non-OECD economies, and weak petrochemical consumption in Europe and Asia.

OPEC is also in protection of the $80/bbl price floor and I'd suggest to get the buys in at mid 75s to low 72s on the #CL being a value trader coming into 2023.

U.S. commercial crude oil inventories increased by 10.2 million barrels to 424.1 million barrels.

Brent dropped 17 cents, or 0.2%, to $80.51 per barrel, WTI fell 3 cents to $75.36.

Brent rose $1.33, or 1.7%, to $79.32 per barrel, WTI gained $1.15, or 1.6%, to $74.32.

Export loadings of Russian crude averaged 3.02 million b/d in the week ending Dec. 11, little changed from the week before and in line with the November average of 3.07 million b/d

Brent were down 38 cents, or 0.4%, at $75.72 a barrel, WTI was at $70.76 a barrel, down 26 cents, or 0.3%.

U.S. Rig Count is down 4 from last week to 780, Canada Rig Count is up 7 from last week to 202.

Brent edged up 3 cents, or 0.04%, to $79.38 a barrel , WTI were down 9 cents or 0.12% to $74.16 a barrel.

Seaborne exports of Russian crude averaged 3.07 million b/d in November, down from 3.09 million b/d in October and just below the pre-war average of 3.1 million b/d in January and February.

Falling global inventories of oil in early 2023 will push Brent prices back above $90/b by the beginning of the second quarter of 2023 (2Q23). The Brent crude oil spot price will average $92/b for all of 2023.

Brent were last up 49 cents, or 0.6%, to $86.06 a barrel , WTI gained 51 cents, or 0.6%, to $80.49 a barrel.

the Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary.

The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel.

The Worldwide Rig Count for November was 1,890, down 3 from the 1,893 counted in October 2022,and up 346 from the 1,544 counted in November 2021.