Prices were supported by widely-watched data showing a larger-than-expected drawdown in US crude oil inventories, with government data due later in the day. Brent crude futures for September delivery were trading up $0.64 at $63.04 a barrel by 1136 GMT. Globally, the market is concerned about oil demand growth potential,” Olivier Jakob of Petromatrix consultancy said. The OPEC+ agreement to extend oil output cuts for nine months should draw down oil inventories in the second half of this year, boosting oil prices, analysts from Citi Research said in a note. Crude prices were also capped by signs of a recovery in oil exports from Venezuela in June and growth in oil production in Argentina in May.

Source: The Express Tribune July 03, 2019 13:52 UTC