Futures were down 1 percent in New York, extending last week’s 3.9 percent drop. The two African producers, who were exempt from supply cuts because of internal strife but are now recovering, have been invited to a July 24 meeting in Russia to discuss whether their production has stabilized, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul. BNP Paribas SA sharply reduced its price forecasts for this year and next because supply growth elsewhere is diluting the impact of the OPEC-led curbs. Oil in New York and London remains in a bear market amid concerns elevated global oil inventories and rising supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russia. Libya and Nigeria together added 440,000 barrels a day of production in May and June as fields restarted, according to data compiled by Bloomberg. It’s premature to talk about deepening output cuts, OPEC Secretary-General Mohammad Barkindo said in Istanbul. Click Read More below for more of the story.

American Dollar to Canadian Dollar = 0.779947; American Dollar to Chinese Yuan = 0.156954; American Dollar to Euro = 1.131203; American Dollar to Japanese Yen = 0.008823; American Dollar to Mexican Peso = 0.047055.

Futures were little changed after slipping 0.3 percent on Tuesday, the first decline in four sessions. Crude inventories fell by 1.56 million barrels last week, while motor-fuel stockpiles gained 520,000 barrels, the industry-funded American Petroleum Institute was said to report. A Bloomberg survey forecast a 2.45 million-barrel oil-supply drop ahead of government data Wednesday. “The U.S. shale machine is poised to shift up a gear as producers make hay amid the healthier price backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. West Texas Intermediate for December delivery slid 8 cents to $57.12 a barrel on the New York Mercantile Exchange at 10:04 a.m. London time. Total volume traded was 12 percent below the 100-day average. Prices slipped from the highest level in more than two years to close at $57.20 on Tuesday. Click Read More below for additional information.