- Oil is trading lower as prices continue to come off
- WTI prices have slid over the past several days, now heading for a fourth consecutive daily loss
- The European Central Bank hinted at possible interest rate cuts in September
- Gaza ceasefire expectations grow (Reuters)
- Efforts to reach a ceasefire agreement between Israel and Hamas have grown recently, with Joe Biden expected to meet the Israeli prime minister on Thursday
- An analyst at Phillip Nova said, “Any further weakening of demand signals, combined with a resolution in Gaza, could lead to a further decrease in oil prices,"
- Geopolitical risk premium driven by the war in Gaza has helped push crude prices higher this year, while a ceasefire could lead to this premium coming out of the market
- Nigeria in talks with Libya to purchase crude (Reuters)
- Nigeria’s Dangote refinery is in talks with Libya to secure additional supply for the 650 MBbl/d refinery
- Since the refinery started up in January, it has been unable to secure adequate amounts of oil despite Nigeria being Africa’s biggest producer
- At times, cargoes of WTI have been shipped to Nigeria to make up for the supply shortfall
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