Oil shipments from Russia's western ports hit a record high in June and are expected to maintain that level in July as ongoing drone attacks on domestic refineries force Moscow to boost crude exports, three trade and industry sources said on Thursday.
Oil fell in early Asian trade on more signs of increased supply amid easing Middle East tensions.
Oil futures rose in early Asian trade on a possible technical recovery after the futures posted their sharpest quarterly drop since 2020 on Tuesday.
Workarounds for the Strait of Hormuz chokepoint and a drop in crude imports to China helped ease the impact of lost Persian Gulf oil.
The crude oil markets continue to see a bit of support testing on Tuesday.
WTI held at $70.09 defending key support, Brent stayed at $73.37, and Natural Gas traded at $3.167 inside an ascending channel. Technical setups and trade ideas inside.
The unexpectedly rapid retreat in energy prices in the past week has further taken pressure off European Central Bank policymakers to lift interest rates next month but the case for a small hike later on remains firm, four sources told Reuters.
Oil prices dropped on Tuesday, with investors eyeing the outcome of potential U.S.-Iran talks in Doha amid weekend missile fire from both sides that tested an interim ceasefire to end the four-month-old war.
JPMorgan, Citi and other analysts are cutting long-term oil price forecasts as weaker demand outweighs lingering geopolitical risks in the Middle East.
Kevin Hassett, the White House National Economic Council director, told CNBC's Squawk Box this morning that the recent calm in oil markets is a ledge, not a landing.
An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq's aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc.
Oil rose amid renewed concerns over supply disruptions in the Middle East.