Oil

US EIA weekly crude oil inventories -1508K vs -983K expected

• US weekly EIA oil inventory data

ICYMI: Iran attempted to seize two oil tankers near the Strait of Hormuz - shots fired

Private oil survey data shows larger headline crude draw than was expected

Crude oil settles at $71.79

• Up $2 or 2.87%

It's not just markets that are hot, so is the weather

• Yesterday was the hottest day on earth since 1979

Kuwait minister: Oil output capacity will be 3.2 million barrels per day by end of 2024

• Denies that Kuwait is requesting a quota increase

Kuwait wants to pump more oil

• Al Arabyia report

Oil holds gains above $70, and that's where Morgan Stanley expects it to stay

• Range trade in oil through 2024?

Morgan Stanley lowers oil price forecast, sees surplus for first-half of next year

• The firm cuts its Brent crude forecast for Q3 to $75 from $77.50 previously

WTI Crude Oil Technical Analysis

• WTI Crude Oil is still stuck in a range.

Oil climbs $71 but can't get above the weekly high

• WTI crude up $1.21 to $71.00

ICYMI - Saudi Arabia and Russia are cutting oil supply again

US crude oil futures settle at $69.79

• Down -$0.85 or -1.20%

Oil jumps as Saudi Arabia extends voluntary output cuts for another month

• Saudi says to extend the voluntary cut of 1 mil bpd for another month to include August

WTI crude oil futures settled at $70.64

• Up $0.78 or 1.12%