Crude oil throughput at China's domestic refineries further recovered to 13.69 million b/d

Iraq pumped 4.213 million b/d of crude oil in May, above its OPEC+ quota of 3.592 million b/d and exported 3.63 million b/d, oil marketer SOMO said on June 7.

“[Fossil] energy loans at the country’s six largest lenders jumped 23% to C$71.6 billion in their fiscal second quarter from the prior period,” Bloomberg reports, citing the banks’ financial disclosures. “Toronto-Dominion Bank had the largest increase at 29%, while Bank of Nova Scotia remained the biggest lender, with $21.6 billion in loans.”

U.S. Rig Count is down 5 rigs from last week to 279, Canada Rig Count is unchanged from last week at 21

Brent fell 3.4%, or $1.42, to $40.31 a barrel, WTI dropped 4%, or $1.60, to $38 a barrel,

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.7 million barrels from the previous week. At 538.1 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.

The imbalance is forecast to reach 4.6 million bpd in July, 4.2 million bpd in August

A decisive close below 36.25$/barrel will prompt a seemingly BEARISH move towards the low price 30$/barrel range and a maximum test at 29.00$/barrel support zone.

"Our oversupply was a little less than 100,000 b/d against the agreed numbers, and so that is not really that significant," Kyari said.

Brent fell 70 cents, or 1.7%, to $40.48 a barrel, WTI dropped 98 cents, or 2.5%, to $37.96.

monthly Brent prices will average $37/b during the second half of 2020 and rise to an average of $48/b in 2021.

BP will begin a process of cutting 10,000 jobs following the end of a three-month redundancy freeze that started in March.

Brent was down 52 cents, or 1.3%, at $40.28 a barrel, WTI fell 27 cents, or 0.7%, to $37.92.

«Необходимо соответствовать обязательствам по соглашению - от этого зависит успех сделки. Все страны подтвердили необходимость выполнения этого соглашения. Те, кто его недовыполнил, должны в течение нескольких месяцев убрать с рынка дополнительные баррели, чтобы обеспечить полное соответствие», - сказал Александр Новак.

Iraq will stick to its quota in June and July and will make further reductions later on