Brent crude ended the session up 74 cents, or 1.7%, at $45.17 a barrel, while West Texas Intermediate oil settled 49 cents, or 1.2% higher, at $42.19 a barrel.

Oil prices hit 5-month high as U.S crude stocks fall

<a href="https://www.wionews.com/business-economy/oil-eases-but-supported-by-trade-deal-hopes-269679">Oil&nbsp;prices</a>&nbsp;edged&nbsp;higher&nbsp;on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to&nbsp;support&nbsp;the market would continue and as analysts&nbsp;forecast&nbsp;a second weekly decline in <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">US&nbsp;crude inventories</a>.

Brent crude was up 5 cents at $66.44 a barrel by 0321 GMT. US&nbsp;West Texas Intermediate was 1 cent&nbsp;higher&nbsp;at $60.53 a barrel.

OPEC, Russia and other producers that have linked up to curtail production and&nbsp;support&nbsp;prices&nbsp;will continue their cooperation as long as it is "effective and brings results," Russian energy minister <a href="https://www.wionews.com/business-economy/opec-and-allies-prepare-to-deepen-oil-output-cuts-266447">Alexander Novak</a> said in an interview on Monday.

Cooperation with the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/oil-slips-as-opec-gears-up-to-confirm-supply-cut-266600">OPEC</a>) would continue "until the market requires it," Novak added.

OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million barrels per day (bpd) taken off the market, or about 2 per cent&nbsp;of global demand.

Still, OPEC needs to do more to balance out the market on a sustainable basis, Bjornar Tonhaugen, head of&nbsp;oil&nbsp;market research at Rystad Energy said in a note.

"The OPEC&nbsp;cuts&nbsp;didn't fully solve the problem&nbsp;instead they offer a light bandage to get through the first quarter of 2020," said Tonhaugen, adding "after that, we believe the market will begin to realize the looming oversupply."

US&nbsp;producers have been happy to fill any gaps in the market, pumping ever greater amounts of crude to reach a record high of around 13 million bpd in November.

That has helped swell inventories, which have been stubbornly resistant to drawdowns. US&nbsp;stocks are up around 1 per cent&nbsp;this year.

Crude stocks are, however, expected to have fallen by about 1.8 million barrels last week, a second week of declines, according to a preliminary&nbsp;poll.

Still, <a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">gasoline stocks</a> are expected to have risen for a seventh week in a row and distillate inventories are&nbsp;forecast&nbsp;to have gained for a fifth consecutive week.

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories.

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories. Brent crude was up 5 cents at $66.44 a barrel by 0321 GMT. US West Texas Intermediate was 1 cent higher at $60.53 a barrel. OPEC, Russia and other producers that have linked up to curtail production and support prices will continue their cooperation as long as it is "effective and brings results," Russian energy minister Alexander Novak said in an interview on Monday. Cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue "until the market requires it," Novak added. OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million barrels per day (bpd) taken off the market, or about 2 per cent of global demand. Still, OPEC needs to do more to balance out the market on a sustainable basis, Bjornar Tonhaugen, head of oil market research at Rystad Energy said in a note. "The OPEC cuts didn't fully solve the problem instead they offer a light bandage to get through the first quarter of 2020," said Tonhaugen, adding "after that, we believe the market will begin to realize the looming oversupply." US producers have been happy to fill any gaps in the market, pumping ever greater amounts of crude to reach a record high of around 13 million bpd in November. That has helped swell inventories, which have been stubbornly resistant to drawdowns. US stocks are up around 1 per cent this year. Crude stocks are, however, expected to have fallen by about 1.8 million barrels last week, a second week of declines, according to a preliminary poll. Still, gasoline stocks are expected to have risen for a seventh week in a row and distillate inventories are forecast to have gained for a fifth consecutive week.

Oil prices inch higher in pre-Christmas trading

Five people were killed, including a shooter, and around 21 were injured in a <a href="https://www.wionews.com/world/gunman-kills-20-at-texas-walmart-store-in-us-mass-shooting-240504">gun rampage</a> in the cities of Midland and Odessa in West Texas on Saturday (August 31), police and a local television station reported.

"The active <a href="https://www.wionews.com/world/seven-feared-dead-in-second-mass-shooting-incident-in-us-in-24-hours-240568">shooter</a> was shot and killed at the Cinergy in Odessa," Midland police said on Facebook, referring to a multiplex cinema complex in Odessa. "There is no active shooter at this time. All agencies are investigating reports of possible suspects."

Also read:&nbsp;<a href="https://www.wionews.com/photos/deadliest-recent-mass-shootings-in-the-united-states-240539">Deadliest recent mass shootings in the United States</a>

Odessa police previously said it believed there were two shooters in two separate vehicles driving around the city of 117,000 shooting at random people.

Police said the shooter was shot and killed in the parking lot of a movie theatre.

Odessa Police Department Chief Mike Gerke said the incident began when a police officer stopped a man driving a gold Honda. The suspect shot him, drove off, and shot other people, Gerke said.

He eventually hijacked a US&nbsp;Mail truck, leading police to think there could be a second suspect before officers caught up with the suspect at the Cinergy movie theatre in Odessa.

At least three police officers were among the wounded, Gerke said.

Five people were killed, including a shooter, and around 21 were injured in a gun rampage in the cities of Midland and Odessa in West Texas on Saturday (August 31), police and a local television station reported.

Five people were killed, including a shooter, and around 21 were injured in a gun rampage in the cities of Midland and Odessa in West Texas on Saturday (August 31), police and a local television station reported. "The active shooter was shot and killed at the Cinergy in Odessa," Midland police said on Facebook, referring to a multiplex cinema complex in Odessa. "There is no active shooter at this time. All agencies are investigating reports of possible suspects." Also read: Deadliest recent mass shootings in the United States Odessa police previously said it believed there were two shooters in two separate vehicles driving around the city of 117,000 shooting at random people. Police said the shooter was shot and killed in the parking lot of a movie theatre. Odessa Police Department Chief Mike Gerke said the incident began when a police officer stopped a man driving a gold Honda. The suspect shot him, drove off, and shot other people, Gerke said. He eventually hijacked a US Mail truck, leading police to think there could be a second suspect before officers caught up with the suspect at the Cinergy movie theatre in Odessa. At least three police officers were among the wounded, Gerke said.

US mass shooting: Active shooter dead after killing 5 in West Texas

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/trade-war-like-the-one-going-on-between-us-and-china-foolish-thailand-ambassador-at-wion-world-order-238434&amp;sa=U&amp;ved=2ahUKEwij9_GHsNLjAhUbHo8KHfTpAw0QFjADegQIDxAC&amp;usg=AOvVaw3q6V_pmXlrHO0FOtaqNfXk">US-China trade war</a> capped gains.

Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week.

US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week.

Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf.

US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait.

However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said.

Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry.

WATCH:&nbsp;Iran-UK tanker tensions: Iran releases 9 crew members

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"Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said.

Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020.

"Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures.

The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year.

Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains. Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week. US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week. Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf. US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait. However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said. Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry. WATCH: Iran-UK tanker tensions: Iran releases 9 crew members × "Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said. Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures. The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year. Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rise as Iran tensions remain unresolved

Oil prices rose about 1% on Thursday after Iran said it had <a href="https://www.wionews.com/world/seized-foreign-tanker-in-strait-of-hormuz-iran-236898">seized a foreign oil tanker</a> in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports.

Brent crude futures were up 48 cents at $64.14 a barrel by 1148 GMT after hitting a session high of $64.46.

West Texas Intermediate crude futures were up 33 cents at $57.11 after the U.S. benchmark hit a session high of $57.32.

Iran said the vessel, which it did not identify, was smuggling fuel and had been carrying 1 million litres, or around 6,200 barrels.

"The oil price reaction on Thursday shows once again that the conflict in the Middle East is far from solved and tensions could flare up at any time again. As oil keeps flowing, prices are likely to rise only temporarily," said Giovanni Staunovo, an analyst at Union Bank of Switzerland (UBS).

Iran said the vessel impounded was the same one it towed on Sunday after the ship had sent a distress call. US officials said on Wednesday they were unsure whether an oil tanker towed into Iranian waters had been seized or rescued.

Britain urged Iran to ease tensions in the Gulf while pledging to defend its shipping interests in the region.

Oil had fallen on Wednesday in response to a sharp rise in US stockpiles of products such as gasoline that pointed to weak demand during the US driving season.

WATCH: Iran says UK's seizure of oil tanker will not go unanswered

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Data from the US Energy Information Administration (EIA) showed a larger-than-expected drawdown in crude stockpiles last week, but traders focused instead on large builds in refined product inventories.

US crude inventories fell by 3.1 million barrels, the EIA said, more than analysts' forecasts for a decrease of 2.7 million barrels.

But gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

The gasoline inventory build in the United States was "especially remarkable in the week after the Independence Day weekend given that this is normally one of the periods of highest demand", analysts at Commerzbank wrote.

The summer driving season normally entails increased consumption of gasoline.

US President Donald Trump’s threat to impose additional tariffs on China has also pressured oil prices, with nerves on edge over when talks between the two countries will resume resolving a trade war that has slowed global economic growth.

Barclays on Thursday lowered its oil price forecasts for the second half of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global economic backdrop.

Oil prices rose about 1% on Thursday after Iran said it had seized a foreign oil tanker in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports.

Oil prices rose about 1% on Thursday after Iran said it had seized a foreign oil tanker in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports. Brent crude futures were up 48 cents at $64.14 a barrel by 1148 GMT after hitting a session high of $64.46. West Texas Intermediate crude futures were up 33 cents at $57.11 after the U.S. benchmark hit a session high of $57.32. Iran said the vessel, which it did not identify, was smuggling fuel and had been carrying 1 million litres, or around 6,200 barrels. "The oil price reaction on Thursday shows once again that the conflict in the Middle East is far from solved and tensions could flare up at any time again. As oil keeps flowing, prices are likely to rise only temporarily," said Giovanni Staunovo, an analyst at Union Bank of Switzerland (UBS). Iran said the vessel impounded was the same one it towed on Sunday after the ship had sent a distress call. US officials said on Wednesday they were unsure whether an oil tanker towed into Iranian waters had been seized or rescued. Britain urged Iran to ease tensions in the Gulf while pledging to defend its shipping interests in the region. Oil had fallen on Wednesday in response to a sharp rise in US stockpiles of products such as gasoline that pointed to weak demand during the US driving season. WATCH: Iran says UK's seizure of oil tanker will not go unanswered × Data from the US Energy Information Administration (EIA) showed a larger-than-expected drawdown in crude stockpiles last week, but traders focused instead on large builds in refined product inventories. US crude inventories fell by 3.1 million barrels, the EIA said, more than analysts' forecasts for a decrease of 2.7 million barrels. But gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed. The gasoline inventory build in the United States was "especially remarkable in the week after the Independence Day weekend given that this is normally one of the periods of highest demand", analysts at Commerzbank wrote. The summer driving season normally entails increased consumption of gasoline. US President Donald Trump’s threat to impose additional tariffs on China has also pressured oil prices, with nerves on edge over when talks between the two countries will resume resolving a trade war that has slowed global economic growth. Barclays on Thursday lowered its oil price forecasts for the second half of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global economic backdrop.

Oil prices rise after Iran says it seized foreign tanker in Gulf

A storm churning in the Gulf of Mexico and aimed at water-logged <a href="New Orleans">New Orleans is likely to make landfall as the first Atlantic hurricane</a> of the 2019 season by late Friday or early Saturday, forecasters said.

The storm, expected to be designated a tropical storm early on Thursday, is set to deposit between 10 to 15 inches of rain on the Gulf Coast on Friday and Saturday from West Texas, through New Orleans and the Louisiana coast.

Isolated spots will receive a drenching 20 inches of rain,

"The whole area is in for a soaking, the worst of it on Saturday," said David Roth, a meteorologist from the National Weather Service's Weather Prediction Center.

Louisiana Gov. John Bel Edwards declared a state of emergency on Wednesday.

"The storm system will likely produce storm surge, hurricane-force winds," he said at a news conference. "No one should take this storm lightly."

National Guard troops were in place across the state, the governor said.

US oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of the storm.

Fifteen production platforms and four rigs were evacuated in the north-central Gulf of Mexico, according to a US regulator as oil firms moved workers to safety.

The slow-moving storm, crawling at about 9 mph early on Thursday and gaining strength from warm Gulf waters, will be named Barry if it strengthens into a tropical storm with winds of 39 mph or more on the Saffir–Simpson hurricane scale.

It will become Hurricane Barry if it reaches wind speeds of 74 mph (119 km) as expected when it makes landfall near the mouth of the Mississippi River and just west of New Orleans.

But the storm remained a tropical disturbance early on Thursday about 125 miles (200 km) south-southeast of the mouth of the Mississippi River, and packed sustained winds of 30 mph (45 km), the National Hurricane Center said.

New Orleans was already hit with widespread flooding on Wednesday from heavy rain spawned from a weather system that might inundate the low-lying US city.

New Orleans officials warned that a hurricane could bring a coastal storm surge into the mouth of the Mississippi River capable of raising the river's height to 20 feet (6 meters) above sea level, high enough to overflow some sections of the levee system protecting the city.

The city was hit early Wednesday by thunderstorms that meteorologists said were associated with the building Gulf storm.

New Orleans officials advised residents to stock up on drinking water, non-perishable food, and other emergency supplies.

Officials in Plaquemines Parish, south of New Orleans, ordered residents in some areas to plan to evacuate their homes on Thursday ahead of the storm.

And west of New Orleans, officials in Vermilion Parish advised some residents in low-lying areas and people living in mobile homes to consider moving to higher ground.

A storm churning in the Gulf of Mexico and aimed at water-logged New Orleans is likely to make landfall as the first Atlantic hurricane of the 2019 season by late Friday or early Saturday, forecasters said.

A storm churning in the Gulf of Mexico and aimed at water-logged New Orleans is likely to make landfall as the first Atlantic hurricane of the 2019 season by late Friday or early Saturday, forecasters said. The storm, expected to be designated a tropical storm early on Thursday, is set to deposit between 10 to 15 inches of rain on the Gulf Coast on Friday and Saturday from West Texas, through New Orleans and the Louisiana coast. Isolated spots will receive a drenching 20 inches of rain, "The whole area is in for a soaking, the worst of it on Saturday," said David Roth, a meteorologist from the National Weather Service's Weather Prediction Center. Louisiana Gov. John Bel Edwards declared a state of emergency on Wednesday. "The storm system will likely produce storm surge, hurricane-force winds," he said at a news conference. "No one should take this storm lightly." National Guard troops were in place across the state, the governor said. US oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of the storm. Fifteen production platforms and four rigs were evacuated in the north-central Gulf of Mexico, according to a US regulator as oil firms moved workers to safety. The slow-moving storm, crawling at about 9 mph early on Thursday and gaining strength from warm Gulf waters, will be named Barry if it strengthens into a tropical storm with winds of 39 mph or more on the Saffir–Simpson hurricane scale. It will become Hurricane Barry if it reaches wind speeds of 74 mph (119 km) as expected when it makes landfall near the mouth of the Mississippi River and just west of New Orleans. But the storm remained a tropical disturbance early on Thursday about 125 miles (200 km) south-southeast of the mouth of the Mississippi River, and packed sustained winds of 30 mph (45 km), the National Hurricane Center said. New Orleans was already hit with widespread flooding on Wednesday from heavy rain spawned from a weather system that might inundate the low-lying US city. New Orleans officials warned that a hurricane could bring a coastal storm surge into the mouth of the Mississippi River capable of raising the river's height to 20 feet (6 meters) above sea level, high enough to overflow some sections of the levee system protecting the city. The city was hit early Wednesday by thunderstorms that meteorologists said were associated with the building Gulf storm. New Orleans officials advised residents to stock up on drinking water, non-perishable food, and other emergency supplies. Officials in Plaquemines Parish, south of New Orleans, ordered residents in some areas to plan to evacuate their homes on Thursday ahead of the storm. And west of New Orleans, officials in Vermilion Parish advised some residents in low-lying areas and people living in mobile homes to consider moving to higher ground.

Storm likely to churn into hurricane, looms on United States Gulf coast

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. 
 
The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world&#39;s top oil consumer as the crucial driving season kicks in. 
 
The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain&#39;s vote to leave the European Union (EU). 
 
At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. 
 
WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. 
 
Both contracts are more than six per cent lower down from last Friday. 
 
The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. 
 
IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday&#39;s &quot;substantial drop&quot; in prices, but added the oversupply concerns will linger. 
 
&quot;What&#39;s even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go,&quot; Aw said. 
 
&quot;Traders now fear that we could see a worsening of the supply overhang when summer is over,&quot; he added.&nbsp; 
 
Prices were also given some support after a militant group in Nigeria, Africa&#39;s biggest oil producer, said it attacked more oil infrastructure in the country&#39;s south, ignoring a call for unity from President Muhammadu Buhari. 
 
(AFP)&nbsp; 
&nbsp;

The data added to an already downbeat mood on markets as investors worry about the longer-term Brexit fallout

Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data. The commodity plunged Thursday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world's top oil consumer as the crucial driving season kicks in. The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain's vote to leave the European Union (EU). At around 0650 GMT, the US benchmark West Texas Intermediate was up 26 cents, or 0.58 per cent, at $45.40 and Brent gained 32 cents, or 0.69 per cent, to $46.72. WTI plunged 4.8 per cent and Brent sank 4.9 per cent on Thursday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1. The market was expecting a 2.5 million barrel drop, according to Bloomberg News. Both contracts are more than six per cent lower down from last Friday. The DoE also reported a much smaller than expected decline in petrol stockpiles during the peak summer driving season when Americans take to the road for their holidays. Gasoline stockpiles fell 100,000 barrels, well below the forecast 350,000. IG Markets analyst Bernard Aw said traders were looking for bargains after Thursday's "substantial drop" in prices, but added the oversupply concerns will linger. "What's even more important was the lack of decline in the gasoline inventories, given that the summer driving season in the US still has two more months to go," Aw said. "Traders now fear that we could see a worsening of the supply overhang when summer is over," he added. Prices were also given some support after a militant group in Nigeria, Africa's biggest oil producer, said it attacked more oil infrastructure in the country's south, ignoring a call for unity from President Muhammadu Buhari. (AFP)

Oil prices rebound in Asia as investors await key US jobs data

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