- Global crude markets have undergone an "extraordinary transformation," swinging from a major surplus to near balance in Q2, according to the IEA, but record high oil stocks are threatening the "recent stability of prices."
- Middle Eastern output exceeded 31M bpd for a third month in June, while U.S. oil production slid 140K bpd to 12.45M, the agency said in its closely watched monthly report, which largely kept forecasts for supply and demand unchanged.
- Crude futures -1.5% to $46.12/bbl.
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