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European Central Bank will cut interest rates. Der Spiegel magazine also reported that Germany's coalition government is willing to suspend its balanced budget rule and take on debt in an attempt to steer itself away from recession.

Russia’s oil production rose in 1H July to an average of 11.32 mil bpd, the Interfax news agency reported on Friday. Under its deal with other major oil producers, Russia agreed to limit its output to around 11.182 mil bpd.

OPEC delivered a bearish outlook for the global oil market on Friday, in its latest regular monthly report. The research arm of OPEC slashed its forecast for growth in 2019 of global oil demand by 40,000 bpd to 1.10 mil bpd, and implied that the oil market might experience a surplus in 2020. OPEC left its forecast for 2020 oil demand growth at 1.14 mil bpd, but warned that this 2020 forecast faces downside revision. "The risk to global economic growth remains skewed to the downside," the report said.