Saudi Arabia has informed five Asian refiners that it will supply full contractual volumes of crude oil in July, five sources with knowledge of the matter said on Tuesday. The world's top crude exporter has also reinstated contracted volumes of Arab Heavy crude to one buyer after cutting supplies in the previous month, one of the sources said. Last month, the state oil giant maintained full contractual supplies to Asia for June supplies by replacing Arab Heavy with Arab Light. The Arab Heavy was redirected to domestic power plants to meet the increased demand for electricity for summer cooling needs. Click Read More below for additional information.
Oil steadied near $55 a barrel in New York as persistent concerns over slowing demand jostled with expectations that U.S. crude stockpiles will continue to tighten.
Futures were little changed after rising 7.5% in the past three days. American inventories probably dropped by about 2.3 million barrels last week, according to the median estimate in a Bloomberg survey before Energy Information Administration data due Wednesday.
more at: https://www.bloomberg.com/news/articles/2019-08-12/oil-steadies-after-solid-aramco-result-offsets-demand-concerns