US Oil inventories declined by 7.20 million barrels w/w OPEC+ compliance is said to have exceeded 100% in June Angola is said to be unable to compensate for its missed targets until Q4 Saudi Arabia and Kuwait have restarted production in the joint neutral zone We see demand averaging 92.33 million bbl/d in Q3 Brent average price in June was $40.78, $0.78 above our forecast Despite the continued bearish sentiment, oil markets saw a bit of support over the past week, resulting from the sharp decline in the crude oil inventories as reported by the EIA. Last Thursday, prices Brent hit its highest level since March at $43.23, closing at $42.78, up by 4.11% w/w , while WTI closed at $40.32, up by 4.54% w/w , with a spread of $2.46 which narrowed by $0.07 w/w . Bullish data from the U.S. oil sector U.S. commercial crude inventories declined […]