Early winter procurement has become increasingly competitive since Europe started replacing its pipeline gas imports with LNG following the Ukraine crisis.

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.

European natural gas prices posted a double-digit advance for a second consecutive week after fears of possible disruptions to Russian fuel supplies crossing Ukraine.

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).

Ряд государств, входящих в ОПЕК+ (Россия, Саудовская Аравия, Алжир, Ирак, Кувейт, ОАЭ, Казахстан и Оман), которые ранее взяли на себя обязательства добровольного дополнительного сокращения добычи нефти на 2,2 млн баррелей в сутки, объявили о том, что после сентября 2024 года могут постепенно корректировать параметры сделки и наращивать добычу нефти в зависимости от рыночных условий.

Sweden and the USA have signed a memorandum of understanding aimed at pursuing cooperation in industrial collaboration, technology development, and research and innovation in technologies related to nuclear energy for peaceful purposes.

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.

Benchmark futures settled 2.2% higher at €32.48 a megawatt-hour Friday after slumping a day earlier. The contract also posted a second straight weekly gain.

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 agenda includes a logistics supply agreement to bolster cooperation between the two militaries, restarting discussions on the joint development of a fifth generation fighter aircraft, and collaboration on nuclear power, the people said.