Over the last four weeks, motor gasoline product supplied averaged about 9.7 million barrels per day, up by 0.8 percent from the same period past year.

Refinery crude runs rose 527,000 barrels per day to 17.2 million bpd as utilization rates jumped 2.1 percentage points to 93.9 percent of total capacity, both the highest runs and rates since January, EIA data showed.


"There's still the hangover from the report yesterday, the weekly number suggesting USA production is really strong and continuing to rip higher", said Matt Smith, director of commodity research at ClipperData.

The statement added that the ministers also emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world. While U.S. President Donald Trump has said crude prices are "artificially Very High" and India faces calls for price caps on gasoline and diesel, a truckers strike over surging fuel costs in Brazil culminated with the resignation of the state oil company's CEO on Friday.

Speculators in Brent crude cut their net long positions in the week by 49,638 contracts to 451,966.

Russian Federation and the OPEC leader Saudi Arabia have signalled there could be a need to gradually boost oil production to prevent any supply shortages.

One piece of information released last week that helped Brent recover from its lows was that a Gulf source said that any rise in production would be gradual.


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