CRUDE WRAP: WTI (Q6) SETTLES USD 0.14 LOWER AT 68.55/BBL; BRENT (U6) SETTLES USD 0.13 LOWER AT 71.99/BBL

The crude complex was marginally lower to start the week, albeit in very thin newsflow, as traders returned from the holiday weekend. Benchmarks were rangebound throughout the duration of the session amid a lack of headline-driven trade, which saw WTI trade between USD 67.82-69.21/bbl and Brent USD 71.02-72.61/bbl. Little new was said on geopolitics but reports suggest talks could resume from Saturday. Elsewhere, OPEC+ met over the weekend where they agreed to lift production by 188k BPD from August, in fitting with reports last week. Meanwhile, Saudi Arabia’s August’s OSPs were released; Arab Light crude oil to Asia set at USD -1.50/bbl to ICE Brent settlement, an USD 11/bbl reduction, the largest cut to its main oil price since at least 2000; NW Europe OSP was set at USD +0.85/bbl to Ice Brent settlement and USD +3.60/bbl vs ASCI to US. The calendar ahead is quiet, although US players will await the World Cup knockout soccer match versus Belgium, where star striker Balogun has controversially been allowed to play.