Brent was up 55 cents, or about 0.9%, at $59.19 a barrel, WTI were up 57 cents, or 1%, at $55.44 a barrel.

Total oil demand for the year is now anticipated to reach 99.92 mb/d. For 2020, world oil demand is expected to grow by 1.14 mb/d, in line with last month’s projection, with total world consumption anticipated to average 101.05 mb/d.

Total U.S. petroleum demand averaged 20.8 million barrels per day (mb/d) in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005,

Preliminary production figures for July 2019 show an average daily production of 1 799 000 barrels of oil, NGL and condensate, which is an increase of 402 000 barrels per day compared to June.

U.S. Rig Count is up 1 rig from last week to 935, with oil rigs up 6 to 770, gas rigs down 4 to 165, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 2 rigs from last week to 142, with oil rigs up 7 to 101 and gas rigs down 5 to 41.

Brent was up 52 cents, or 0.9%, at $58.75 a barrel , U.S. crude was up 65 cents, or 1.2%, at $55.12 a barrel

At 440.5 million bbl, US crude oil inventories are 3% above the 5-year average for this time of year

Brent crude was down 46 cents, or 0.8%, at $60.84 a barrel at 0639 GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December. U.S. oil was down 62 cents, or 1.1%, at $56.48 a barrel, having risen 4% the previous session, the most in just over a month.

For the first seven months of 2019, Chinese crude throughput rose 5.6% from a year earlier to 369.73 million tonnes, or 12.73 million bpd, the NBS reported.

Oil, gas and petrochemical projects, valued at more than US $859 billion, are either underway or planned in the Middle East and North Africa, MENA, of these US $283 billion are projects are being implemented, as the region gets ready to meet the forecast increases in demand for energy over the next two decades.