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Oil prices firmed slightly on Tuesday, after falling 2% in the previous session, as stronger economic data from the world's largest crude importer China underpinned the demand outlook.
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Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.
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U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said on Wednesday, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export.
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Residual fuel oil stocks at key trading hub Singapore climbed to its highest in over a year, official data showed Thursday, as storage demand remained firm.
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U.S. crude oil stockpiles fell more than expected last week due to strong export and refining demand, the Energy Information Administration said on Wednesday,