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U.S. inventories of crude oil fell less than expectedly last week, the U.S. EIA said on Wednesday. In the week to June 28, commercial inventories of crude oil in the U.S. decreased by 1.1 mil bbls, compared with expectations for a drop of 3.0 mil  bbls. Crude stockpiles at the Cushing, Oklahoma, hub rose by 652,000 bbls, the EIA added.

Iranian President Hassan Rouhani said  Iran would enrich uranium beyond a fissile purity of 3.67% after July 7, which is the maximum allowed by the deal and a level which is deemed suitable for electricity generation. "Our level of enrichment will no longer be 3.67. We will put this commitment aside by whatever amount we feel like, by whatever amount is our necessity, our need. We will take this above 3.67," said Rouhani. Rouhani added that the Islamic Republic's actions were reversible.

Kazakhstan’s Deputy Energy Minister Aset Magauov said on Wednesday that the oil producing country is planning to increase its oil exports to China to 6-7 million tonnes a year from just 1 million tonnes at the expense of shipments to Europe, starting from the second half of 2020.

U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year. Drillers cut five oil rigs in the week to July 3, bringing the total count down to 788, Baker Hughes energy services firm said in its closely followed report on Wednesday.