West Texas Intermediate for September delivery was 4 cents higher at $48.26 a barrel on the New York Mercantile Exchange at 11:21 a.m. in London. The contract rose 3.1 percent to close at $48.22 on Thursday, capping an almost 16 percent advance over the previous six sessions. Total volume traded was 35 percent above the 100-day average. Brent for October settlement slipped 8 cents, or 0.2 percent, to $50.81 a barrel on the London-based ICE Futures Europe exchange. The contract advanced $1.04 to close at $50.89 on Thursday, also entering a bull market after climbing more than 20 percent from its early-August low. Prices are up 8.2 percent this week. The global benchmark crude traded at a $1.85 premium to WTI for October. click Read More below for additional insight
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