Long-term investment in the oil sector has been "choked off' in favor of short-cycle investment, and supplies from US shale producers will likely be constrained through late 2019".
At 1120 GMT, the August ICE Brent crude futures was 46 cents higher from Wednesday's settle at $75.82/b, while the NYMEX July light sweet crude contract was up 38 cents to $65.08/b. Crude, the global benchmark, was mostly unchanged.
Ministers from the Organization of the Petroleum Exporting Countries and other participants in the output agreement meet in Vienna on June 22-23 to decide policy. USA proved reserves totaled about 33 billion barrels, according to the OPEC bulletin.
Federal Bureau of Investigation probing claims China stole data on 'highly sensitive' U.S. security project
USA officials believe China has for years carried out hacking attacks on the US military, the US government and US companies. Among the stolen data were plans for a supersonic anti-ship missle that was planned to be on US submarines by 2020.
Oil prices fell on Friday, reversing early gains as signs of weakening demand in China and surging USA output weighed on markets despite support from supply woes in Venezuela and OPEC's production cuts. Trump has complained, meanwhile, that OPEC was inflating the price of oil through artificial means.
Oil prices rebounded on Tuesday on expectations that inventories in the United States may decline, but increasing USA production and concerns that OPEC may raise output continue to weigh on sentiment.
This weeks EIA number showed an unexpected build in crude oil inventories due to a larger than expected increase in imports.
"(The output decision) is going to be the main event of the month and the main input for the second half of the year, so any change in OPEC policy is a big event", Petromatrix strategist Olivier Jakob said, Reuters reported.
Trump tariffs, trade war to be challenged by Bob Corker, GOP
Brazil, Argentina and Australia agreed to limit steel exports to the U.S.to avoid tariffs. John Cornyn, the second-ranking Republican in the chamber, told reporters .
Further weighing on prices has been rising United States output, which hit another record last week at 10.8 million bpd.
Washington was anxious that the sanctions would curb deliveries from Iran and push oil prices up, the sources said. The producers have been considering a supply increase of up to 1 million barrels per day, sources told Reuters.
"As in previous years, the bulk of crude oil from OPEC countries was exported to the Asia and Pacific region, in the amount of 15.56 mb/d or 62.6 percent". While oil is still in technical price trouble in the short-term the correction should soon be over.
Google AI ethics memo makes it clear military work will continue
Only weapons that have a "principal purpose " of causing injury will be avoided, but it's unclear which weapons that refers to. However, Google went on to confirm that they will continue to work with government bodies and military.