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  • Saudi oil output rises in June.
  • The U.S. drillers add 5 oil rigs  in the week to July 6.
  • South Korea  reportedly stops importing oil from Iran.

After rising more than $10 in the previous two weeks, the barrel of West Texas Intermediate struggled to make a decisive move in either direction this week. Following a drop to a fresh weekly low at $72.14 earlier today, the barrel of WTI stages a recovery in the second half of the day and was last seen trading at $73.50, adding 0.75% on a daily basis. For the week, the barrel of WTI is virtually unchanged.

Saudi Arabia announced a price reduction on it August delivery oil and reported that it increased production by almost 500,000 barrels per day in June.  “The more that Saudi Arabia adds to the market, the less of a supply cushion we have – that’s a bullish twist to a bearish development,” Bob Yawger, director of energy futures at Mizuho in New York, told Reuters.

On another development from earlier today,  South Korea, one of Iran’s biggest oil buyers in Asia, decided to  reject  all shipments of Iranian crude and condensate until at least September.

Meanwhile, the weekly report published by Baker Hughes showed that drillers in the United States added five more oil rigs to bring the total count up to 863 from 858 a week ago.

Technical outlook:  Crude Oil WTI: Black Gold pushes back above $73.00 a barrel