- stocks close to topping out but are at such elevated levels that they remain a major dampener on prices.

- OECD commercial inventories built in May and June to a new record high, floating storage is at highest level since 2009.

- European oil demand has surprised on the upside but is unlikely to last due to Brexit uncertainty.

- IEA raises estimate of 2016 global oil demand growth by 0.1m bpd from last month's report to 1.4m bpd.

- 2017 oil demand rising by a further 1.3m bpd due to India, China.

- very high oil stocks present a threat to price stability despite oil market balancing underway.