Saudi Arabia to supply full July crude oil volumes to buyers in Asia – Reuters

Dhwani Mehta FXStreet

Saudi Arabia is expected to supply full crude oil volumes to buyers in Asia next month, Reuters reports, citing sources with knowledge of the matter.

Separately, the Kingdom reported its production numbers for May, noting that it has pumped 8.544 million barrels per day (bpd) against the target of 8.482 million bpd for the month.

This suggests that OPEC’s top oil exporter unwound its extra oil production faster than the industry’s expectations.

Oil market implications

Amid Wall Street Journal (WSJ) reports that the US has partially lifted sanctions on Iran, WTI saw a downward spike to $68.69 before recovering sharply to near $70.40.

Although, the sentiment around the black gold remains undermined by US-Iran updates and the latest Saudi headlines, with WTI currently trading at $69.94, down 0.50% so far.

WTI Price Analysis: Bulls consolidate below $70.00 mark

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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