Record crude imports from world's top importer China and the easing of Covid-19 restrictions globally have supported oil prices, although new waves of coronavirus outbreaks in several countries are expected to cool consumption again.
ANZ estimated that demand has risen 8 million barrels per day (bpd) over the past four months to 88 million bpd - still 13 million bpd below this time last year.
Investors are looking for more clUSon future supply from a meeting this week of a panel representing ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. The meeting of the panel has been pushed back to Aug. 19, a day later than previously planned.
The panel, called the Joint Ministerial Monitoring Committee (JMMC), monitors OPEC+ production curbs agreed earlier this year. Last month the JMMC recommended that cUSbe eased from Aug. 1 to about 7.7 million barrels per day (bpd) from a reduction of 9.7 million bpd since May, in line with an earlier OPEC+ agreement.
In the United States, meanwhile, the number of oil and natural gas rigs operating last week remained anchored at a record low for a 15th week, even as higher oil prices prompt some producers to start drilling again.
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