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Here’s how Accendo Markets wrapped the close in a note to clients on this morning: “US Markets closed positive, echoing gains in Europe, with relief on a Greece deal, a few welcome progress with Iran’s nuclear agreement (watch oil) and despite attention...

WTI and Brent crude oil ended higher in New York session and scored further gains in Asia today as market expected a delay in Iranian crude supplies after a nuclear accord was reached.

The agency, which advises the world’s biggest economies on energy policy, said “something has to give” because the world oil market was unable to absorb the huge volumes of fuel now being produced.

“The supply response to lower prices is on the way”, the IEA said, adding it may take another price drop for a full supply response to unfold.

In addition, the Kurdish Regional Government, which also controls some production of oil in the northern part of Iraq, is trading less crude with its national government over disputes in payments, reported the IEA.

In its July report, the first to provide insight into 2016, the IEA said annual crude oil gains in the United States next year should decline to 0.3 million b/d from 1.7 million b/d in 2014 and 0.9 million b/d this year.

“The rebalancing that began when oil markets set off on an initial 60 percent price drop a year ago has yet to run its course”, the report said. Oil prices plunged by more than 50 per cent in the last few months.

Prices slid 7.4% for the week.

It forecast zero growth in non-OPEC oil supply in 2016 after an increase of 1 million bpd in 2015.

Front-month USA crude futures were trading at $53.26 per barrel at 0303 GMT, up 48 cents from their last settlement, although prices remain over 6 per cent below last Friday.

U.S. benchmark West Texas Intermediate for August delivery dropped 14 cents to $52.19 a barrel and Brent tumbled 13 cents to $56.72, both reversing an earlier uptick.

TV records were set on both sides of the Canada-U.S. border.

A more near-term negative for crude, however, could be the slowdown in USA gasoline demand, expected to be peaking this week with Fourth of July holiday driving.