OIL: Crude Markets Edge Higher After Rally Yesterday

Crude futures and time spreads are edging higher after the rally yesterday driven by the big drop in US crude inventories as the market watches for signs of a potentially tighter market in the second half of the year.

• The Saudi Arabia voluntary production cut for July and potential for extension into future months is helping to limit downside with the August official selling prices likely to be released next week.
• Technical analysis suggests the bearish threat remains present with Brent support at 71.5$/bbl holding this week while resistance is up at 77.24$/bbl.
  • Brent AUG 23 up 0.4% at 74.31$/bbl
  • WTI AUG 23 up 0.4% at 69.84$/bbl
  • WTI-Brent down -0.04$/bbl at -4.47$/bbl
  • Brent AUG 23-SEP 23 up 0.05$/bbl at -0.16$/bbl
  • Brent SEP 23-OCT 23 up 0.06$/bbl at 0$/bbl
  • Brent DEC 23-DEC 24 up 0.12$/bbl at 2.53$/bbl
  • WTI AUG 23-SEP 23 up 0.03$/bbl at -0.14$/bbl
  • WTI DEC 23-DEC 24 up 0.11$/bbl at 2.75$/bbl