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Commentary

Brent crude futures were up 33 cents, or 0.4 percent, to $75.69 a barrel at 0101 GMT. WTI crude was up 38 cents, or 0.6 percent, at $65.11 a barrel. It ended the previous session 1.2 percent lower at $64.73 a barrel. The biggest question in the oil market: "Which way is it going to go?". Well, what we can say is that it seems the market has followed our technical predictions that pointed to a technical correction down to around the $74.50 level, before making a move higher again. But there is a silver lining: at least you aren't on one of the tankers sitting off the coast of Venezuela's largest oil port with the potential of a force majeure being declared. 24 million barrels of crude are waiting to be loaded - as much as the state oil company shipped in the whole of April. That's how bad things have gotten with the production fall off. After worse-than-expected EIA data, the news that Venezuelan supply drops are bigger than expected - and more importantly bigger than U.S. increases - is the thing pushing the market up today. Good day.

Economic data/events (Times are London.)

* 9am: Singapore onshore oil-product stockpile data

* 1:30pm: U.S. Initial Jobless Claims for June 2

* 1:30pm: U.S. Continuing Claims for May 26

* Russian President Vladimir Putin holds his annual call-in broadcast show with citizens

* Russian refining maintenance schedule from ministry

Singapore 380 cSt

Jul18 - 430.00 / 432.00

Aug18 - 425.50 / 427.50

Sep18 - 421.25 / 423.25

Oct18 - 417.25 / 419.25

Nov18 - 413.75 / 415.75

Dec18 - 410.25 / 412.25

Q3-18 - 425.50 / 427.50

Q4-18 - 413.50 / 415.50

Q1-19 - 401.75 / 404.25

Q2-19 - 389.25 / 391.75

CAL19 - 371.25 / 374.25

CAL20 - 298.75 / 303.75

Singapore 180 cSt

Jul18 - 440.50 / 442.50

Aug18 - 436.50 / 438.50

Sep18 - 432.50 / 434.50

Oct18 - 428.50 / 430.50

Nov18 - 424.50 / 426.50

Dec18 - 421.25 / 423.25

Q3-18 - 436.50 / 438.50

Q4-18 - 424.25 / 426.25

Q1-19 - 412.75 / 415.25

Q2-19 - 400.75 / 403.25

CAL19 - 385.50 / 388.50

CAL20 - 312.50 / 317.50

Rotterdam 3.5%

Jul18 - 413.50 / 415.50

Aug18 - 409.75 / 411.75

Sep18 - 405.50 / 407.50

Oct18 - 400.75 / 402.75

Nov18 - 396.25 / 398.25

Dec18 - 391.75 / 393.75

Q3-18 - 409.75 / 411.75

Q4-18 - 396.25 / 398.25

Q1-19 - 385.25 / 387.75

Q2-19 - 372.25 / 374.75

CAL19 - 350.00 / 353.00

CAL20 - 283.50 / 288.50