After a major drop on Wednesday oil prices are on the path to recovery today as China’s recovering from market panic and Iran’s nuclear program deal appears to be deadlocked. Chinese government’s efforts to stem the equities selloff appeared to work, meanwhile the threat of higher Iranian crude oil exports receded for now as nuclear talks between Iran and the six powers, known as the P5+1, have so far failed to reach a deal. The sharp increase in crude oil inventory data released by the U.S. Department of Energy on Wednesday “offered little argument in favor of rising oil prices,” said analysts at Commerzbank.

Download the latest EIA report here (released July 8, 2015)

The latest EIA report for the week ending July 3, 2015 revealed that US commercial crude inventories rose by 0.4 million barrels, up to 465.8M barrels. Analysts are affirming that the supply glut is here to stay and no significant recovery in oil prices is in sight.

U.S. crude oil refinery inputs averaged 16.6M barrels/day which is up 65K barrels/day compared to last week. US crude oil imports decreased by 197,ooo barrels a day, down to 7.3M barrels/day.

Gasoline production was 9.9M barrels/day.

Active oil rig count is 640, up by 12 from the week before. The new oil rig count will be released this Friday.

Brent crude oil should trade in a range between $55 and $60 a barrel for the remainder of the year, according to analysts at JBC Energy.