- Oil steady as UAE points to robust demand
- The WTI prompt month contract rose $0.07 to $68.40/Bbl Wednesday morning (7:45 AM CT)
- The UAE’s Suhail Al Mazrouei said a lack of inventory builds shows “the market needed those barrels,” referring to the larger-than-expected production quota hike of 548 MBbl/d for August
- The current market is tight, but Ole Hansen of Saxo Bank A/S is “still somewhat concerned a surplus will grow into the autumn months as demand slows”
- The Houthis continued their attacks in the Red Sea which have sank one vessel and caused a second to lose propulsion
- The State Department has vowed to protect shipping in the area after three marines were killed in the recent attacks
- The API reported US crude inventories rose 7.1 MMBbls last week, according to Bloomberg
- Trump stresses disapproval of Putin over Ukraine war (Bloomberg)
- President Trump said he is sending more defensive weapons to the Ukraine in response to Russian aggression
- Trump’s disapproval stems from Putin’s refusal to work towards a ceasefire
- Congressional members have suggested more sanctions on Russia to get Putin “to the table”
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