Bank of England MPC member Mann said fiscal measures are crucial to help return inflation to target.

UBS cut its Brent crude price forecasts for Q3 and Q4 to $80/bbl.

India oil minister Puri said on Thursday India needs to expand oil and fuel storage capacity during periods of low prices and step up communication with bilateral partners. He said total crude stocks at ports, jetties, refineries and strategic petroleum reserves currently cover only 76–80 days and New Delhi "should store more." Commenting on the Gulf crisis, Puri added the government has learned lessons and will work to increase storage capacity.