"The reality is is another risk against complacency in a market that has been counting on a future drop in demand to meet what will be a big drop in supply," Flynn said.
In an early indicator of future U.S. supply, the number of oil and natural gas rigs operated by U.S. energy companies fell for anfor the first time since July 2020, a closely followed report showed on Friday. " focus otherwise is on Saudi as the kingdom implements its additional production cut for July - something we should see in lower exports - as well as the looming Independence Day weekend and its impact on demand," Kpler analyst Matt Smith said.
Both Brent and WTI prices fell by about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap oil demand at a time when China's economic recovery has also disappointed investors. Reporting by Shariq Khan; Additional reporting by Noah Browning, Florence Tan, Sudarshan Varadhan and Mei Mei Chu; Editing by Emelia Sithole-Matarise, Mark Potter, Andrea Ricci and Deepa BabingtonShariq reports on energy markets with a focus on US physical refined products and global financial oil markets. He is a regular contributor to energy M&A and corporate moves at top shale companies including oil majors and top oil focused private equity firms.
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