US EIA weekly refinery crude runs +99,000 b/d in week to July 10; prior -172,000 b/d.

TD Securities says Canadian trade data beat expectations and employment rose for a second month, albeit modestly, signaling the economy is running at a low pace and appears to have avoided recession. Together with April GDP, the trade upside reinforces expectations for a Q2 rebound after two weak quarters; trade gains could drive growth but remain fragile amid rising trade-policy uncertainty that is denting business and household confidence. With little sign that recent oil-price increases are transmitting to broader inflation, TD expects the BOC to keep policy rates unchanged at the next meeting.

U.S. EIA implied crude oil demand (from production) for week to July 10: 19.79 mln b/d, prior 19.06 mln b/d.