Nymex Overview: Oil Futures Rise, But Are on Track for Week-to-Week Declines — OPIS

Crude oil contracts were slightly higher at midday Friday, but remained on track for a sizable week-to-week drop on easing worries over U.S. sanctions on Russian petroleum supply and ongoing concerns of the health of the global economy.

The NYMEX September West Texas Intermediate contract was up by 35cts to $64.25/bbl at about 12:15 p.m. ET. The October WTI contract was 30cts higher at $63.35/bbl.

The October Brent contract was up by about 45cts to $66.85/bbl and the November contract was 30cts higher at $66.20/bbl.

Both benchmarks, however, are likely to settle Friday $3 to $4 below where they ended on Aug. 1, having fallen in each of the previous six sessions.

Gasoline and distillate futures were following the gains in oil contracts.

The NYMEX September RBOB contract was up by about 1.95cts to $2.0965/gal and October RBOB was 1.45cts higher at $1.9345/gal.

The NYMEX September ULSD contract was trading 2.2cts higher at $2.289/gal and October also was up by 2.2cts to $2.28/gal.

President Trump on Wednesday said he may meet with Russian President Vladimir Putin as early as next week to discuss a plan to end that country's war against Ukraine. If the talks show progress in ending hostilities, they would lessen chances the White House will impose tougher sanctions on exports of Russian crude and refined products.

In U.S. cash markets, gasoline prices in Los Angeles were down by about 1ct, while most other spot product prices were tracking moves in futures.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

• Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com