Oil

S&P Global expects OPEC+ to begin oil output increases in 2025

• Thats should put a dampener on the minor oil bounce we've had during the session

Oil prices up since opening for the week - potential hurricane getting narrative love

Oil traders heads up - NHC issues forecast Gulf of Mexico hurricane

• Given the behaviour of the oil price any rally looks likely to attract offers

Brent crude closes at the lowest since 2021. Where is it adjusted for inflation?

• That's a rough one

Oil falls to the lowest in a year

• The December lows break

Crude Oil Technical Analysis – Consolidation ahead of the US NFP report

• Crude oil is consolidating around the recent lows as we head into the US NFP release. What’s next?

Citi forecasting Brent crude oil into the US$60 range

• Sell the bounce in oil says Citi

JP Morgan forecasts Brent crude oil to low $60s

• Longer horizon projection from JPM

US crude oil futures settled at $69.15

• The price closed down five cents or -0.07%

Weekly US crude oil inventories -6.873M vs -0.993M estimate

• The weekly EIA oil inventory data

Crude oil is trying to rebound. The high price extended back above the $70 level

• The weekly EIA is ahead at the top of the hour

OPEC+ agrees to delay October oil output increase - report

• Reuters report

TD see signs of hope for oil price bounce - says peak algo selling appears to have passed

• TD do note risks to the view though

Citi says Brent crude oil could fall as low as $50 / barrel

Oil: private survey of inventory shows a headline crude oil draw much larger than expected

• This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.