Oil

ICYMI - Russia close to striking long-term deals to sell substantial supplies of oil

WTI Crude Oil futures settles at $71.78

• Up $1.16 or 1.64%

Baker Hughes oil rig down -4 at 552

• Baker Hughes rig count for the current week

China's third batch of 2023 crude oil import quotas issued, taking volumes to up 20% y/y

Oil climbs back aboe the big figure to settle at $70.62

• Oil up $2.35 on the day

More on JP Morgan slashing its Brent crude forecast for the year to $81 from 90 previously

IEA said global demand growth for oil is likely to drop off sharply over the next 5 years

• IEA on oil demand

US weekly crude oil inventories +7919K vs -510K expected

• Weekly petroleum inventories from the US EIA

JP Morgan slashes Brent crude forecast for the year to $81 from $90 previously

• Another hit to confidence for the oil market?

Energy transition to limit oil demand growth from this year onwards - IEA

• A weaker global economy will also weigh on the outlook

WTI Crude Oil Technical Analysis

• WTI Crude Oil remains in a range maintaining a bearish bias.

China cut the retail prices of gasoline and diesel from Wednesday, the 6th cut this year

Barclays' oil outlook is for non-OPEC+ supply to slow significantly in the months ahead

Private oil survey data shows headline crude oil build vs draw expected

Crude oil is higher on the day but still stays below the $70 level

• 38.2% retracement of the move down from last week's high at $69.96