- Oil is trading higher, around $83, reversing some losses from yesterday
- Prices traded lower yesterday by more than $1.20/Bbl following reports that the US was increasing efforts to find a resolution to the Israel-Hamas conflict
- Goldman Sachs sees Brent at $84/Bbl by December
- The bank sees Brent crude trading at $84/Bbl by the end of the year, assuming no further supply disruptions from Middle Eastern conflicts
- High-frequency fundamentals data has shown some softness in North American and Russian production, but OECD inventories have continued to rise
- Prompt month Brent is currently trading at $88.70/Bbl, while the December ICE Brent contract is at $84.05/Bbl
- Russia renaming oil tankers to avoid sanctions (BBG)
- Russia’s state-owned tanker company, Sovcomflot, has been renaming ships that have been hit by US sanctions as Russia attempts to keep its crude exports flowing to buyers
- The company was sanctioned in February, with 14 of its ships being added to the Treasury Department list, bringing the total number of sanctioned vessels to 21
- Sovcomflot remains the world's largest owner of Aframax vessels, which can transport up to 700 MBbls
