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During the week to July 19, commercial inventories of crude oil in the U.S. dropped by 10.8 mil bbls, in contrast to expectations for a smaller draw of 4.0 mil bbls.

Iran's President Hassan Rouhani said on Wednesday that is Iran is ready for "just" negotiations, without saying what talks he had in mind. "As long as I have the responsibility for the executive duties of the country, we are completely ready for just, legal and honest negotiations to solve the problems," Rouhani said, according to his official website.

Newly elected British Prime Minister Boris Johnson who took over from Theresa May promised on Wednesday in his first speech as prime minister to lead the country out of the European Union on October 31st and warned that if the bloc refused to negotiate then there would be a no-deal Brexit.

 Saudi Arabia and Kuwait is reportedly to have held discussion to resume oil production in their jointly operated fields at the Saudi-Kuwaiti Neutral Zone. Saudi Arabia's minister of state for energy affairs visited Kuwait to "continue to discuss and cooperate on the resumption of oil production in the southern (Neutral Zone) after settling all required technical issues from both sides," Kuwaiti state news agency KUNA said on Wednesday. The two countries halted output from the jointly run oilfields - Khafji and Wafra - more than four years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.