HomeIndustriesOil Holds Onto Gains as Russian Crude Declines

Oil Holds Onto Gains as Russian Crude Declines

Brent oil held onto its gains after rising by around 2% on Tuesday amid signs that Russian crude production may finally be on the decline. According to vessel tracking data, shipments from Russia’s western ports in the four weeks ending July 9 fell significantly.

Futures in London traded near $80 per barrel on Wednesday morning; a threshold last met in early May. With oil still lower this year overall, OPEC+ members Saudi Arabia and Russia pledged to cut output as a means of propping up prices.

According to a report from the Energy Information Administration, the global oil market is set to tighten in the second half of the year. The EIA is set to release its weekly report on US crude stockpiles later on Wednesday.

Earlier, a report from the American Petroleum Institute stated that stockpiles rose by three million barrels last week. Other incoming reports that traders will look to for guidance are the monthly reports of the International Energy Agency and OPEC, set to be released on Thursday.

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