PLATTS - Saying that current oil prices were not supported by market fundamentals, Indian oil minister Dharmendra Pradhan on Thursday called for "responsible pricing, one that balances the interests of both the producer and consumer."

REUTERS - Brent crude LCOc1 had edged up 3 cents to $75.97 a barrel by 0658 GMT, after settling down 80 cents the session before. U.S. West Texas Intermediate crude CLc1 was up 5 cents at $66.94 a barrel, having settled the last session up 25 cents. It touched a two-week high of $67.16 on Thursday.

ARAB NEWS - Saudi Arabia’s Crown Prince Mohammed bin Salman held talks with Russian President Vladimir Putin in Moscow Thursday.

REUTERS - Saudi Arabia and Russia, architects of the deal among producers to cut output by about 1.8 million barrels per day (bpd) from January 2017, have now indicated they want output to increase.

BP - In 2017 global energy demand grew by 2.2%, above its 10-year average of 1.7%. This above-trend growth was driven by stronger economic growth in the developed world and a slight slowing in the pace of improvement in energy intensity.

REUTERS - OPEC and U.S. representatives have met at least twice this year, with a third high-profile meeting set for Vienna next week. Finding the optimal balance of crude supply and demand will be the hot topic.

REUTERS - Brent crude LCOc1 was down 30 cents at $75.58 a barrel by 1000 GMT. U.S. light crude CLc1 was 15 cents lower at $66.21.

BLOOMBERG - The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said.

BLOOMBERG - Saudi Arabia, which along with Russia is trying to garner support for lifting output limits, told the Organization of Petroleum Exporting Countries that its daily production rose 162,000 barrels a day to 10.030 million in May compared with the previous month, a person with knowledge of the data said, asking not to be identified because the information isn’t public.

EIA - Brent crude oil spot prices averaged $77 per barrel (b) in May, an increase of $5/b from the April level and the highest monthly average price since November 2014. EIA forecasts Brent spot prices will average $71/b in 2018 and $68/b in 2019. The 2019 forecast price is $2/b higher than in the May STEO. EIA expects West Texas Intermediate (WTI) crude oil prices will average almost $7/b lower than Brent prices in 2018 and $6/b lower than Brent prices in 2019

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $76.79 per barrel at 0654 GMT, down 53 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 38 cents, or 0.6 percent, at $65.57 a barrel.

OPEC - World oil demand averaged 97.20 mb/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row.

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

REUTERS - Brent crude LCOc1 rose 78 cents to $76.16 a barrel by 0645 GMT after dropping to its lowest since May 8 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday.

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.