ANZ on higher oil prices – China demand expected higher, supplies tightening | Forexlive

ANZ on crude oil developments driving the price up:

• well supported by the broad risk-on tone across commodities sparked by the Politburo statement
• further signs of tightening supplies remain the key driver of the market
• Russia’s seaborne crude exports from Baltic and Black Sea ports fell to 1,17mb/d in the week to 23 July. This is its lowest level in seven months, as Moscow implements the recently announced production cuts.
• The reduced availability of Urals crude has seen its discount to international benchmarks narrow. This is now leading Indian refiners to turn back to Middle East exporters. However, cuts by OPEC are also tightening the market.

Hourly oil price candles: