Crude Oil Prices Edge Up Slightly

Crude oil edged higher over the trading session, after extending overnight losses on ongoing concerns of a supply glut. Although U.S. crude stocks fell for the ninth week in a row- by 2.3 million barrels; inventories remained historically high at 19.5 million barrels.

The number of rigs operating in the U.S. has been increasing as producers adapt costs to a lower price environment. According to market experts, elevated stocks of fuel products amid slow demand growth is expected to keep prices under pressure in near-term, Exports from southern Iraq in the first 21 days of July were said have hit an average of 3.28 million barrels per day, up from 3.18 million bpd in June.