U.S. commercial crude oil inventories increased by 3.3 million barrels to 427.1 million barrels.

Brent were down 18 cents to $99.39 a barrel, WTI was at $95.84 a barrel, down 43 cents.

Brent was up 73 cents, or 0.7%, at $100.22 a barrel, WTI gained 68 cents, or 0.7%, to $96.52.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

Total oil demand is projected to average 100.3 mb/d. For 2023, world oil demand growth is expected to reach 2.7 mb/d to average 103.0 mb/d.

They focused on tasks to further promote economic cooperation, including measures to improve the contractual legal framework, boost trade and use national currencies in transactions, as well as to ensure uninterrupted supplies of Russian energy.

They reaffirmed their mutual resolve to further strengthen the strategic partnership and alliance between the two countries, and to consistently implement concrete trade, economic and energy projects.

France, Germany and Poland continued to receive term diesel cargoes from Russia, while spot diesel cargoes that would typically supply the UK are now ending up in the Amsterdam-Rotterdam-Antwerp hub instead, with a few Primorsk cargoes also finding their way to Barcelona.

Brent fell $1.29, or 1.2%, to $105.73 a barrel, WTI declined by $1.78, or 1.7%, to $103.01.

U.S. Rig Count is up 2 from last week to 752, Canada Rig Count is up 9 from last week to 175.

Brent rose 35 cents, or 0.3%, to $105.00 a barrel, WTI gained 19 cents, or 0.2%, to $102.92.

Combined, OPEC+ crude production rose to a three-month high of 42.09 million b/d of June,

In May, India imported 819,000 barrels per day (bpd), from 277,000 bpd in April and 33,000 bpd a year ago. Russia is now the second biggest supplier to India, replacing Saudi Arabia, while Iraq continues to be the largest.

Brent rose 16 cents, or 0.2%, to $100.85 a barrel, WTI climbed 18 cents, or 0.2%, to $98.71 a barrel.

The oil ministry said June 29 that India would allow operators to sell locally-produced crude in the domestic market without restrictions from Oct. 1, but restrictions on exporting locally-produced crude would remain.