US oil inventories are due up next but there's other oil news worth noting. The G7 said it aims to have the price capping mechanism in place on Russian oil by December 5.
This week, the US also said that it will stop SPR releases in October.
Hess today forecast a 1-1.5 mbpd in oil demand in the second half of the year.
Oil is at $95.66 and if Russia curbs exports on a price cap, it could go much, much higher.
For now though, the pressure is back on the downside.
