Oil

OPEC and some non-members including Russia, known as OPEC+, will hold meetings on July 1-2 in Vienna.

Oil fell below $66 a barrel on Thursday, weighed down by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite prospects for continued OPEC curbs.

The S&P 500 was on course to break a four-day losing streak.

It was the second blaze in the last two weeks at the 150-year-old refinery.

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The chief executive of Saudi Aramco, state oil firm of OPEC's de facto leader said its spare capacity of 12 million barrels per day (bpd) was sufficient and that it would meet its customers' needs.

Last week, Brent climbed 5% and U.S. crude surged 10% after Iran shot down a U.S. drone on Thursday in the Gulf.

Amid heightened tensions between the U.S. and Iran and reports of a nixed plan to strike Iran following the downing this week of a U.S. drone, business in neighboring Iraq is reportedly being hampered.

Prices are up after a report that President Trump nearly ordered retaliatory strikes against Iran for shooting down an unmanned U.S. aerial drone.

An early-morning explosion rocked a South Philadelphia oil refinery Friday.

Over 30 percent of US daily supplies of petroleum and liquified natural gas go through the waterway.

The company refused to say whether workers were being evacuated.

After weeks of swelling, U.S. crude stocks fell by 812,000 barrels last week to 482 million.

Secretary of State Mike Pompeo claims that Iran is responsible for the attacks on two oil tankers off the coast of the Middle Eastern country.

Rising tensions in the Middle East after last week's tanker attacks, with the U.S. planning to send more troops to the Middle East, also lent support.

Prices have fallen around 20% since a 2019 high reached in April, in part due to concerns about the U.S.-China trade war and disappointing economic data.