Ice Brent futures fell in early Asian trading, after consecutive declines in the previous days following news of the US-Iran peace deal.
The Ice front-month August Brent contract was at $78.46/bl at 04:00 GMT, lower by 50¢/bl from its settlement on 16 June when it ended $4.21/bl lower.
The Nymex front-month July crude contract was at $75.41/bl, down by 64¢/bl from its settlement on 16 June when it ended $4.70/bl lower.
Market participants were anticipating the official signing of the deal between the US and Iran to end hostilities, set for 19 June in Switzerland. Oil prices have settled lower daily since the deal was first announced on 14 June by US president Donald Trump, with Ice Brent futures settling below $80/bl in the previous session for the first time in three months.
China's crude runs in May fell to their lowest level since April 2022, as weak transport fuel demand, negative refining margins and mounting inventory pressure increasingly outweighed Beijing's efforts to keep refiners running for supply security.
Chinese refiners processed 53.72mn t (12.65mn b/d) of crude in May, down by 9.1pc from a year earlier, with the decline widening from April's year-on-year drop of 5.8pc, data from China's National Bureau of Statistics show. Crude runs in May were also down from 13.35mn b/d in April.
Crude traders in Europe anticipate an oversupply of light crude in the region if the US-Iran peace agreement is ratified, as more US WTI gets diverted from the Asia-Pacific to already well-supplied Europe.
The company now aims to produce 2.3mn b/d oil equivalent (boe/d) by the end of the decade, up from last year's guidance of 2.2mn boe/d. The new 2030 target is around 150,000 boe/d higher than its 2025 production.
The UK sanctioned 23 oil tankers on 16 June for carrying Russian crude, following its recent seizure of a shadow fleet vessel in the English Channel.
Most of the ships have loaded ESPO, Urals and other Russian crude grades. One of them, the Tani, recently carried a fuel oil cargo, Kpler data show.
Ice Brent futures fell in early Asian trading, after consecutive declines in the previous days following news of the US-Iran peace deal.
The Ice front-month August Brent contract was at $78.46/bl at 04:00 GMT, lower by 50¢/bl from its settlement on 16 June when it ended $4.21/bl lower.
The Nymex front-month July crude contract was at $75.41/bl, down by 64¢/bl from its settlement on 16 June when it ended $4.70/bl lower.
Market participants were anticipating the official signing of the deal between the US and Iran to end hostilities, set for 19 June in Switzerland. Oil prices have settled lower daily since the deal was first announced on 14 June by US president Donald Trump, with Ice Brent futures settling below $80/bl in the previous session for the first time in three months.
US banks Goldman Sachs and Morgan Stanley have both cut their respective oil price forecasts.
China's crude runs in May fell to their lowest level since April 2022, as weak transport fuel demand, negative refining margins and mounting inventory pressure increasingly outweighed Beijing's efforts to keep refiners running for supply security.
Chinese refiners processed 53.72mn t (12.65mn b/d) of crude in May, down by 9.1pc from a year earlier, with the decline widening from April's year-on-year drop of 5.8pc, data from China's National Bureau of Statistics show. Crude runs in May were also down from 13.35mn b/d in April.
Crude traders in Europe anticipate an oversupply of light crude in the region if the US-Iran peace agreement is ratified, as more US WTI gets diverted from the Asia-Pacific to already well-supplied Europe.
Norway's state-controlled energy firm Equinor has raised its 2030 oil and gas production forecast by 5pc, driven by an improved outlook for its domestic operations.
The company now aims to produce 2.3mn b/d oil equivalent (boe/d) by the end of the decade, up from last year's guidance of 2.2mn boe/d. The new 2030 target is around 150,000 boe/d higher than its 2025 production.
The UK sanctioned 23 oil tankers on 16 June for carrying Russian crude, following its recent seizure of a shadow fleet vessel in the English Channel.
Most of the ships have loaded ESPO, Urals and other Russian crude grades. One of them, the Tani, recently carried a fuel oil cargo, Kpler data show.
By YouLiang Chay