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Commentary

Brent crude was up 14 cents, or 0.19 percent, to $75.43 a barrel at 03:01 GMT, after settling down 2 percent at $75.29 on Monday. WTI crude was up 32 cents, or 0.49 percent, at $65.07 a barrel. It finished the previous session 1.6 percent lower at $64.75. The decision soon by OPEC on whether to hold the cuts is not one that can be taken likely, but one which has a logical conclusion. Rosneft said yesterday that it can produce more oil easily, upping production to 2016 levels. The decision to increase flow form OPEC will surely come when prices have peaked to their target levels, or they view U.S. production as a threat. I'd more readily take a bet against anyone's predictions due to the unpredictability we have seen this year. Oh well, at least things aren't in as bad a situation as Venezuela's oil industry. Good day.

Economic data/events (Times are London.)

* Platts Global Crude Oil Summit, London, with speakers including Jeff Currie, head of Global Commodity Research at Goldman Sachs, and Trafigura Chief Economist Saad Rahim, 1st day of 2

* Bloomberg-compiled Refinery Snapshot for U.S. and Canada; gives offline capacity projections for crude units and FCCs

* API issues weekly U.S. oil inventory report

Singapore 380 cSt

Jul18 - 432.75 / 434.75

Aug18 - 428.25 / 430.25

Sep18 - 424.00 / 426.00

Oct18 - 420.25 / 422.25

Nov18 - 416.50 / 418.50

Dec18 - 413.00 / 415.00

Q3-18 - 428.25 / 430.25

Q4-18 - 417.00 / 419.00

Q2-19 - 392.75 / 395.25

CAL19 - 370.50 / 373.50

CAL20 - 298.00 / 303.00

Singapore 180 cSt

Jul18 - 444.25 / 446.25

Aug18 - 439.50 / 441.50

Sep18 - 435.50 / 437.50

Oct18 - 431.75 / 433.75

Nov18 - 427.50 / 429.50

Dec18 - 424.25 / 426.25

Q3-18 - 439.75 / 441.75

Q4-18 - 428.00 / 430.00

Q1-19 - 416.50 / 419.00

Q2-19 - 404.50 / 407.00

CAL19 - 385.00 / 388.00

CAL20 - 312.00 / 317.00

Rotterdam 3.5%

Jul18 - 415.50 / 417.50

Aug18 - 412.00 / 414.00

Sep18 - 408.00 / 410.00

Oct18 - 403.50 / 405.50

Nov18 - 399.00 / 401.00

Dec18 - 394.50 / 396.50

Q3-18 - 412.00 / 414.00

Q4-18 - 399.25 / 401.25

Q1-19 - 387.50 / 390.00

Q2-19 - 373.50 / 376.00

CAL19 - 349.50 / 352.50

CAL20 - 284.50 / 289.50