- West Texas Intermediate reached a fresh two-year high of $73.06 yesterday
- Industry data showed a large 7.2 MMBbl draw in inventories last week; the API reported Tuesday afternoon
- If confirmed by government data later today, it would be the fifth straight week of declines
- The Bloomberg survey of analysts shows a 4.1 MMBbl withdrawal for crude oil inventories to be released at 9:30 AM
- OPEC and its allies are mulling a 500 MBbl/d collective output hike for August when they meet next week, delegates said, as reported by Bloomberg
- De facto OPEC+ leaders Saudi Arabia and Russia are moving cautiously in ramping up output, delegates said
- The cartel will meet virtually on July 1 to decide what to do next
- The scenario hasn’t been formally discussed among the group, and no decision has been made