While factors boosting demand for oil improved overnight and on Wednesday:
- strong economic data from the US, in gross domestic product and pending home sales in June
- Federal Reserve staff ditched their recession forecast it put in place in March
On the supply side came news of another potential tailwind for the crude price:
- Saudi Arabia is expected to extend its 1 million-barrel oil supply cut into September after already being extended into August, according to 15 of 22 industry analysts and traders surveyed by Bloomberg
The Bloomberg report was out overnight.
Oil price update: