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DirectOil prices trimmed their gains Friday after OPEC cut its growth forecast for global crude demand.
OPEC today announced the release of its monthly production report for July, which showed a decline in production of 246,000 barrels per day to 29,609 million barrels per day.
The Organization of the Petroleum Exporting Countries (OPEC) has reduced its forecast of global oil demand by 40,000 barrels per day to 1.1 million barrels per day.
For 2020, estimates of growth in global crude oil demand remained unchanged at 1.14 million barrels per day.
Baker Hughes is scheduled to release data later this week on US crude oil rigs.
At approximately 12:05 pm GMT, Brent futures for October delivery rose 0.8 percent to $ 58.68 per barrel from $ 59.50 per barrel earlier in the trading session.
Nymex's futures for the month of September increased 0.6% to $ 54.79 per barrel.
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