Brent crude futures were down 3 cents by 0300 GMT at $64.20.
"OPEC and non-OPEC producers, known as the OPEC+ alliance, agreed to continue reducing output by 1.2 million barrels a day from late 2018 levels through March 2020, due to a downward revision in 2019 world oil demand", reports Myra Saefong for Barron's. The country is the fourth-largest crude user in the world.
Oil prices remain under pressure from lingering worries about demand as the U.S. Technical issues as well as maintenance at some oil infrastructure pushed output lower.nearly 700,000bpd of the country's crude output remains at risk due to its protracted civil war, according to state-owned National Oil Corporation, which is calling for the worldwide community to intervene in the conflict.
Iran said on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning "to be careful" from US President Donald Trump, who pulled out of the pact previous year.
Trump imposed sanctions on Iran in November past year and tightened them this month. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a USA drone.
San Francisco man gored in neck during Pamplona bull run, officials say
Three people were rushed to hospital this morning at the start of the Running of the Bulls in Pamplona, northern Spain. Red Cross officials said in an initial injury round-up that two people had been taken to hospital with gore injuries.
Industry and government data for release later on Tuesday and on Wednesday is expected to show that US crude stockpiles fell for a fourth consecutive week, dropping 3.6 million barrels, according to a preliminary Reuters poll.
Specifically, the G20 meeting saw a number of major developments, including the continuation of Chinese-American trade talks, leading to a surge in stock prices and a decline in gold as well as oil. Traders will be looking to find out if Powell is still leaning toward a rate cut after Friday's stellar U.S.jobs report for June suggested the economy may be too strong to justify an easing. But more importantly, because market participants are now more concerned about the state of the global economy-particularly in a still unresolved U.S.
The US is now the world's biggest oil producer followed by Russian Federation and Saudi Arabia and is set to become a net exporter from 2021, according to the International Energy Agency. This follows discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe.
In Japan, new evidence showed that the trade dispute could also have a negative impact on Japanese crude oil demand.
"Investors and traders are waiting to hear what direction the Fed will be taking before placing their bets", said Sungchil Will Yun, a commodities analyst at HI Investment & Futures Corp.in Seoul.