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Overnight & Singapore Window: Brent Climbs to $87.60/bbl in Early Trade

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The September Brent futures flat price witnessed an impressive rally early this morning. The contract moved sharply up from $87.15/bbl minutes before 08:00 BST to $87.60/MMBtu at 08:40 BST. However, the benchmark crude futures contract subsequently weakened and stands at $87.30/bbl as of 11:25 BST (time of writing). India’s state-run Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd. And Bharat Petroleum Corp. Ltd. are reportedly planning long-term crude oil deals with Brazil’s Petroleo Brasileiro SA (Petrobras) amid India’s attempt to diversify its energy supplies. In the UK, the Labour Party has won the general election by a landslide, winning a 170-seat majority, allowing Keir Starmer to take over from Rishi Sunak as the country’s Prime Minister. Japanese household spending fell unexpectedly by 1.8% y/y in May (against an expected 0.1% rise) alongside a Reuters poll showing a rise in the corporate goods price index (CGPI) by 2.9% y/y in June (prev: 2.4% y/y). Finally, at the time of writing, the front-month and six-month Brent futures spreads stood at $0.90/bbl and $4/bbl, respectively.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.