OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise

IEA’s monthly report said rising demand for oil reversed course in July and was set to proceed more slowly for the rest of the year after the latest wave of COVID-19 infections prompted countries to bring in restrictions again

The White House said in a statement that the Biden administration had urged OPEC and its partners to boost production, CNBC earlier reported the development

Oil prices rose more than $1, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries

Oil prices fell by 4%, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand

U.S. crude oil and distillate inventories fell last week, according to two market sources, citing American Petroleum Institute figures, while gasoline stocks rose

Oil prices will trade near $70 per barrel for the rest of the year supported by the global economic recovery and a slower-than-expected return of Iranian supplies, with further gains limited by new coronavirus variants, a Reuters poll showed

The OPEC has pumped 26.72 million barrels per day (bpd), the survey found, up 610,000 bpd from June’s revised estimate. Output has risen every month since June 2020 apart from in February

Norway’s Equinor posted a sharp rise in revenue in the second quarter as oil and gas prices rose, but its revenue fell slightly. expected while the Norwegian unit did not get the forecasts

The United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt a harder line whenever it does