China's crude imports from Saudi hit fresh high in June

Imports from Saudi Arabia rose to 8.88 million tonnes or 2.16 million bpd in June

Oil prices fall on US inventory build, increasing pandemic fears

Industry group American Petroleum Institute reported U.S. crude inventories rose last week by 7.5 million barrels

OPEC and allies including Russia have pledged to slash production by a record 9.7 million barrels per day (bpd) for a third month in July

The EIA data showed that gasoline imports hit the highest level since last August and peaked the most on a seasonal basis in nine years

The prospect of increased US crude production also kept a lid on gains on Friday

Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes

OPEC panel will meet on Thursday to further discuss ways to strengthen and review compliance to curb oil production and support prices

U.S. crude and gasoline inventories are estimated to have fallen by 1.5 million barrels and about 100,000 barrels respectively in a week

OPEC countries including Russia may extend production cuts of 9.7 million barrels per day, or about 10% of global output into July or August

Oil product imports dropped 6.5% to 3.35 million tonnes, their first year-on-year decline in 16 months