Market vs. IEA: An implied demand diff of more than 3 m b/d for July

Oil sells off as Goldman gives up on USD 95/b end-of-year.

The front-month Brent contract traded to a high of USD 78. 73/b last Monday in response to the unilateral surprise cut of 1 m b/d for July by Saudi Arabia.

Since then the oil price has ticked gradually lower.

This morning it is down 1.

6% to.