MNI Oil Weekly: Supply Signals Pressure Crude

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Executive Summary:

• Supply Signals Pressure Crude: A number of key signals point to oversupply for global crude markets into October, a fear widely touted earlier this year once OPEC+ meaningfully began unwinding voluntary cuts.
• Oil Markets: Crude markets have rallied amid reports that the US and India are closer to a trade deal after bearish sentiment weighed on crude pricing last week. Gasoline cracks are facing pressure this week from the Dangote gasoline unit restart while diesel cracks have risen this week after further Ukrainian strikes on Russian oil refineries.
• Analyst Views: See oil market views and outlooks from key industry names.