US crude oil stockpiles fell last week as exports soared the most in 18 months and refineries boosted production to the highest rate since March before the worst of the demand hit from the coronavirus pandemic

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

The Trump administration finalized a plan to allow oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, putting it on track to issue decades-long leases in the pristine wilderness area before a potential change in US leadership

OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”

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

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

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

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

US crude oil and refined product inventories fell sharply last week due in part to a notable drop in crude imports, the Energy Information Administration said