ECB chief economist Lane said he sees signs that prices will face upward pressure in the coming months.

As the U.S. lifted sanctions on related cargoes and permitted more buyers, over 30 mln barrels of Iranian crude flowed to Asia in the past week, including previously blocked cargoes and volumes from Kharg Island, Iran’s largest export terminal in the northern Persian Gulf. The surge — pushing shipments to about 2.0 mln bpd, a recent high for Iran — mainly reflects a clearing of blocked cargoes and may prove temporary; export rates could fall thereafter. In the near term Tehran stands to benefit as expanded exemptions widen the buyer pool and allow it to raise sales with smaller price discounts.

The Chinese Communist Party's International Liaison Department said on June 23 that, at the CCP's invitation, Cambodian People's Party chairman and Senate president Hun Sen will make an official goodwill visit to China from June 25 to 27.