“Higher oil demand is expected in the 3rd and 4th Quarters”, HE Dr Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and current OPEC President said, expressing positive sentiments in a brief released from OPEC.

U.S. Rig Count is up 1 rig from last week to 464, with oil rigs up 7 to 381, gas rigs down 5 to 81, and miscellaneous rigs down 1 to 2. Canadian Rig Count is up 3 rigs from last week to 122, with oil rigs unchanged at 60, gas rigs up 2 to 60, and miscellaneous rigs up 1 to 2.

Employment in oil and natural gas production reached a high of 538,000 jobs in October 2014. Since then, oil and natural gas production employment declined 26%, a loss of more than 142,000 jobs through May 2016, based on the latest jobs data available. The total decrease in production jobs is nearly three times the 51,000 jobs lost over a 13-month period during the 2008–09 recession.

The deficit rose to $44.5 billion in June, 8.7 percent higher than a revised May deficit of $41 billion, the Commerce Department reported Friday. It was the biggest gap between what America sells abroad and what the country imports since a $44.6 billion deficit last August.

"Growth in China's fuel exports will be strong throughout the third quarter," a Beijing-based trader said. "Refiners are starting to tighten crude runs as well as increase exports to balance the surplus in the domestic market."

Latin America should strengthen regional trade and financial linkages to boost growth and further the social achievements of the past 15 years.

The worldwide rig count for July 2016 was 1,481, up 74 from the 1,407 counted in June 2016, and down 686 from the 2,167 counted in July 2015.

Debt levels are currently rising at an annual rate of 11.5 percent, more than double the 5.1 percent witnessed between 2009 and 2014.

However, in conjunction with both lower oil prices and international sanctions, Russia has recently experienced five consecutive quarters of decline in GDP, representing that country's deepest economic downturn since 2008-09.

Light, sweet crude for September delivery settled up $1.32, or 3.3%, at $40.83 a barrel on the New York Mercantile Exchange. It was the largest gain since July 12 and brought the U.S. benchmark within 16 cents of exiting bear-market territory. Brent, the global benchmark, gained $1.30, or 3.1%, to $43.10 a barrel, snapping a five-session losing streak.

Brent crude LCOc1 was up 27 cents a barrel at $42.07 at 0957 GMT (0557 EDT). It reached $41.51 on Tuesday, the lowest since April 18. U.S. crude CLc1 added 28 cents to $39.79.

Between January-July, flows totaled 66.52 Bcm, 16% higher than the cumulative total for the same period last year and 13% up on the previous record high for the January-July period of 58.73 Bcm from 2014.

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) today reported second quarter 2016 operating revenues of $571.6 million, compared to operating revenues of $597.6 million in the first quarter. Net income from continuing operations for the quarter was a loss of $186.6 million, or ($0.65) per diluted share, compared to a loss of $396.6 million, or ($1.41) per diluted share, last quarter. Net income from continuing operations for the second quarter includes a loss of $0.39 per share due to impairments and losses related to disposed businesses and assets. The largest component, totaling $0.34 per share, is comprised of an impairment to the carrying value of the Company's investment in C&J Energy Services Ltd. ("C&J") and its proportionate share of C&J losses from the prior quarter. In addition, the second quarter benefitted from the renegotiation of two contracts, as well as early termination revenue that improved reported net income by $24.1 million or $0.09 per share.

Progress will be slow. The crude glut will take a long time to dissipate, meaning only gradual price gains, said Michael Hsueh, a strategist at Deutsche Bank AG. West Texas Intermediate, the U.S. benchmark, will average $49.50 in the fourth quarter before breaking decisively above $50 next year, the analysts say.

U.S. West Texas Intermediate (WTI) crude was at $40.15 a barrel at 0433 GMT (12:33 a.m. ET) , up 9 cents from its last close after dipping below $40 for the first time since April the previous session. International Brent crude oil futures were trading at $42.34 per barrel, up 20 cents from their last close.