Chevron Corp said it would buy Noble Energy Inc in a $5 billion all-stock deal, bolstering its shale presence as a plunge in crude prices have made assets cheaper

Brent crude futures fell 15 cents to $43.22 a barrel. US West Texas Intermediate (WTI) crude dropped 5 cents to $40.70. Both contracts were on track to remain broadly flat over the week

US crude oil and refined product inventories fell sharply last week due in part to a notable drop in crude imports, the Energy Information Administration said

Saudi Arabia’s energy minister said that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report

The Paris-based IEA raised its forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline

US crude oil stockpiles rose last week even as refineries hiked output, while gasoline inventories decreased and distillate inventories rose, the Energy Information Administration said

Oil prices edged lower amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC cut oil exports in June by 1.84 million barrels per day from May levels as it works to implement an output reduction agreement with Russia and other allies