Futures were little changed in New York after dropping 1.3 percent Tuesday to a two-month low. Inventories declined by 2.3 million barrels last week, the American Petroleum Institute was said to report. While government data Wednesday is forecast to show supplies fell for a ninth week, stockpiles will still be more than 100 million barrels above the five-year seasonal average. Brent for September settlement was 10 cents higher at $46.76 a barrel on the London-based ICE Futures Europe exchange. The contract closed 0.6 percent lower at $46.66 on Tuesday. The global benchmark traded at a premium of $1.28 to WTI for September. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 84,000 barrels last week, the API said Tuesday, according to a person familiar with the figures.
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.
The Arab Heavy supply cut, combined with a drop in Venezuelan crude exports and robust demand in Asia, pushed up medium and heavy sour crude prices in Asia last month although light grades were lower because of ample supplies.
more at source: https://www.nasdaq.com/article/saudi-arabia-to-supply-full-july-crude-oil-volumes-to-some-asian-buyers-20180612-00007