OIL: Oil End of Day Summary: WTI Rises on Week

WTI is on track for a 1.5% gain on the week, although is weaker on the day. Support this week came from expected cuts to global supply from tightened sanctions on Iran and Venezuela. However, the return of OPEC+ supply in April and economic uncertainty around tariffs cap upside.

• WTI MAY 25 down 0.7% at 69.4$/bbl
• US oil rig count according to Baker Hughes: 484 (-2) - down 24 rigs, or 4.7% on the year.
• Reuters reporting comments from Ukrainian President Volodymyr Zelenskyy suggesting that Kyiv considers a revised mineral deal with the US as insufficiently favourable to Ukraine's interests and could derail Kyiv's long-term plans for EU accession.
• Citibank analysts suggest that the oil market could be underpricing the risk of reciprocal tariffs on growth and commodity prices.
• BNP Paribas cut its forecast for Brent for 2025 and 2026 due to OPEC+ production hikes and potential trade wars hitting demand.
• The impact of tariffs could reduce global oil demand by 250k b/d this year, according to a JPMorgan analyst note.
• At least 11 tankers carrying about 17mbbl of Iranian oil appear idled off the cost of Malaysia in a possible sign of slowing logistics for the trade to China, Bloomberg said.
• China has issued its second batch of allowances earlier this year at 12.8m metric tons of refined fuel export quotas, down from 14m tons last year.
• Russia's ESPO Blend oil prices have dropped to a 10-month low due to declining demand from China, its primary buyer, Reuter said.
• Saudi Aramco may reduce the Arab Light OSP to Asia by $2/bbl in May, Bloomberg and Reuters estimate.
• Libya set its Es Sider OSP for April at a discount of 74 cents/b to Dated Brent, Bloomberg said.