Oil

WTI Crude oil settles at $71.55

• Down $0.31 or -0.43%

Bakers Hughes oil rig count falls 11 to 575

• The weekly Baker Hughes rig count

ICYMI: Saudi Arabia says coordination with OPEC+ members a cornerstone of oil stability

Oil - Buffett's Berkshire Hathaway has bought more Occidental Petroleum

• 3.4mn shares of OXY bought between May 16 and 18

WTI crude oil futures settle at $71.86

• Down $0.97 or 1.33%

WTI Crude Oil Technical Analysis

• Crude Oil is threatening a breakout.

ICYMI - Russia's Putin said Russian oil output cuts were to support higher prices

WTI crude oil climbs $2 as OPEC sticks to its word

• Oil up $2 on the day

EIA weekly crude oil inventories +5040K vs -920K expected

• US weekly oil inventory data for the week ending May 12, 2023

ICYMI - International Energy Agency raised its global demand outlook - China strong

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

Biden grants permit for key pipeline in West Virginia

• Key political tilt for Biden

IEA warns latest oil price drop is running against backdrop of a supply crunch in 2H 2023

• IEA with some comments in their latest oil market report

Threat of disruption to Canada's main oil-producing region is rising - wildfires

ICYMI: US preparing to buy up to 3m bbl oil to begin refilling Strategic Petroleum Reserve

• Bit of a nothing headline this one