OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as US sanctions on PDVSA continued limiting sales

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Oil prices edged up after a steep drop in US crude inventories, but another record day for COVID-19 cases worldwide kept gains in check

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC, according to a Reuters report

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled

US crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said, as a sharp outbreak in coronavirus cases hit US consumption

Oil rose, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia

Chevron Corp said it would buy Noble Energy Inc in a $5 billion all-stock deal, bolstering its shale presence as a plunge in crude prices have made assets cheaper

Brent crude futures fell 15 cents to $43.22 a barrel. US West Texas Intermediate (WTI) crude dropped 5 cents to $40.70. Both contracts were on track to remain broadly flat over the week