Futures in New York were little changed, after rising 3 percent the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field. Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, U.S. supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015. Oil has risen more than 5 percent this year, following a second annual gain, as a drain in U.S. stockpiles and growing demand reassure investors that production cuts led by the Organization of Petroleum Exporting Countries are working. While America continues to pump record volumes, accompanied by an increase in exports, Al-Falih said the global oil market is re-balancing and bloated inventories are shrinking. Click Read More below for additional information.

US crude oil prices have slipped back after strong gains as the White House prepared to announce a decision on whether it will withdraw from the Iran nuclear deal. Iran’s oil production has bounced back to nearly 4m barrels a day since world powers eased sanctions over its nuclear programme. Reimposing sanctions could reduce Iranian oil exports by 200,000-300,000 barrels a day, according to RBC Capital Markets. Click Read More below for additional information.