OPEC - In 2018, oil demand is expected to grow by 1.65 mb/d, unchanged from the previous month’s assessment, with expectations for total world consumption at 98.85 mb/d. In 2019, the initial projection indicates a global increase of around 1.45 mb/d, with annual average global consumption anticipated to surpass the 100 mb/d threshold. The OECD is once again expected to remain in positive territory, registering a rise of 0.27 mb/d with the bulk of gains originating in OECD America. The non-OECD region is anticipated to lead oil demand growth in 2019 with initial projections indicating an increase of around 1.18 mb/d, most of which is attributed to China and India. Additionally, a steady acceleration in oil demand growth is projected in Latin America and the Middle East.

PLATTS - "We estimate that Russia will retain [roughly] 360,000 b/d of swing capacity at the end of 2018, as oil output ramps up by the agreed 200,000 b/d," a recent report by BofA Merrill Lynch Global Research said. "We expect Russian oil producers to accumulate additional [roughly] 140,000 b/d spare capacity by the end of 2019, bringing the total figure to 500,000 b/d."

REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.

BLOOMBERG - “We need to just give it time to enter the market,” Al Mazrouei said of the extra supply. “When a major consuming country speaks, we listen -- we listen to the United States, we listen to China, we listen to India.”

EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.

REUTERS - Benchmark Brent LCOc1 was up 70 cents at $77.81 a barrel by 1150 GMT. U.S. crude CLc1 was unchanged at $73.80.

REUTERS - Yet by 0649 GMT, U.S. West Texas Intermediate (WTI) crude futures were up 16 cents, or 0.2 percent, from their last settlement at $73.10 per barrel. Brent crude futures LCOc1 were down 7 cents, or 0.1 percent, at $77.32.

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 46 cents, or 0.6 percent, to $74.60 a barrel at 0343 GMT (11.43 p.m. ET), compared with their last settlement. On Tuesday, WTI hit its highest since November 2014 at $75.27. Brent crude futures LCOc1 were changing hands at $78.10 per barrel, up 34 cents, or 0.4 percent, from their last close.

BLOOMBERG - Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.

REUTERS - Benchmark Brent crude oil LCOc1 fell $1.24 a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, by 0735 GMT. U.S. light crude CLc1 was 50 cents lower at $73.65.