Image credit: Global Risk Management

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Much of the oil price fluctuations this this week was caused by mixed comments by OPEC as well as the U.S. regarding a potential ending of the production cut deal at the meeting later this month. Supporting prices was also huge difficulties for oil producer Venezuela to meet its oil supply obligations.

Overnight GDP data from Japan came out unchanged while Chinese trade activities disappointed. The two countries are major oil consumers and therefore growth - or lack of - affect the oil market (supply/demand). Today, the G7 leaders meet in Canada and comments and news from the meeting could send some jitters in the markets, especially after recent U.S. tariffs were imposed on a number of products from a number of countries. Next week, the U.S. central bank, Fed, will release meeting minutes along with info on a potential interest rate hike, something which could also influence growth prospects in the country.

Tonight, the weekly oil rig count from Baker Hughes will be followed closely. The previous two weeks have seen minor increases in the number of active rigs in the U.S. Same time two years ago, 325 rigs were active, one year ago the number was 741, and the number is currently around 3-year high. U.S. crude oil production has been surging and the country is now the world's second-largest oil producer, just behind Russia and ahead of Saudi Arabia, OPEC's largest oil producer.