All eyes on July for US oil demand to drain glut

Benchmark Brent crude futures were down 18 cents 55.71 at 0047 GMT. On Thursday, before the break closed most major markets, they settled up 3 cents at $55.89 a barrel. U.S. West Texas Intermediate crude futures were also down 18 cents at $53. They rose 7 cents to $53.18 a barrel on Thursday.

NEW YORK: US oil traders are hoping the sweltering days of July are also hot ones for demand, believing the new month is the last best opportunity this year to see the overhang of inventories finally subside.

Export opportunities to Asia and big US summer driving demand – expected to hit a record this weekend – are seen as the primary drivers for a drawdown in stocks that have remained stubbornly above seasonal averages.