Oil is having a big July: Oil is on course for its best month since January 2022 as the market tightens on OPEC+ supply cuts and rising demand in Asia, Bloomberg reports. US crude has risen 14% this month to sit above USD 80 a barrel for the first time since April. Brent is also at its highest level in more than three months, climbing 12% in July to more than USD 84 a barrel.

What they’re saying: “Record high demand and Saudi supply cuts have brought back deficits,” Goldman Sachs analysts wrote in a note, forecasting Brent to hit USD 86 by the end of the year. “The market has abandoned its growth pessimism.”

US to tread softly as Russian oil trades over G7’s cap: The Biden administration is reportedly imploring Western oil stakeholders to adhere to the G7’s USD 60 per barrel price cap on Russian crude, which Reuters data shows has been trading above the cap for two weeks, the newswire reports. Washington is reluctant to come down more harshly on traders and tanker owners flouting the cap out of fears of spooking the market.

EGX30

17,555

+1.2% (YTD: +20.3%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,789

-0.5% (YTD: +12.5%)

ADX

9,761

0.0% (YTD: -4.4%)

DFM

4,037

+0.2% (YTD: +21.0%)

S&P 500

4,582

+1.0% (YTD: +19.3%)

FTSE 100

7,694

0.0% (YTD: +3.3%)

Euro Stoxx 50

4,467

+0.4% (YTD: +17.7%)

Brent crude

USD 84.99

+0.9%

Natural gas (Nymex)

USD 2.64

+1.7%

Gold

USD 1,999.90

+0.7%

BTC

USD 29,246

-0.4% (YTD: +76.5%)

THE CLOSING BELL-

The EGX30 rose 1.2% at yesterday’s close on turnover of EGP 2.0 bn. Local investors were net buyers. The index is up 20.3% YTD.

In the green: Eastern Company (+8.7%), Juhayna (+5.9%) and ADIB (+4.6%).

In the red: Qalaa Holding (-3.0%), Ibnsina Pharma (-3.0%) and Mopco (-2.5%).

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