OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring US production.

Russia's exports of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in July will be up 3pc on a daily basis to 1.053 million tonnes, trading sources familiar with the preliminary loading schedule said on Friday.

Imports from Asia and the Middle East were expected to rise in July to nearly 3 million tonnes as a number of newly-built very large crude carriers (VLCCs) have been booked to ship refined product on their maiden voyage, according to traders.

The front-month ICE Low Sulphur Gasoil futures were trading at a $2.75 a barrel discount to the August contract, in what is known as contango, reflecting the abundant supplies as well as weak demand in the region, traders said.