Oil prices pull back as trade tensions weigh on market

Oil prices pull back as trade tensions weigh on market

Oil prices pull back as trade tensions weigh on market

Output by top exporter Saudi Arabia has also risen recently, to about 11-million bpd, and U.S. production is around that level as well. In June, Novak said that the group's new pact allows it to roll back about 200,000 barrels, but government data show the nation had brought 268,000 barrels back by the end of last month.

China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, said John Kilduff, partner at Again Capital Management in NY.

Oil prices were on the downward trajectory on Tuesday even though Chief Executive Officer, BP, Bob Dudley, said he saw a series of supply-side issues that would be supportive in the short-term, according UPN. The return of sanctions on Iran was one of the reasons why the experts raised again-for a tenth consecutive month-their oil price forecasts for WTI Crude and Brent Crude prices, which are now expected to average $67.32 a barrel and $72.87 a barrel this year, respectively.

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The West Texas Intermediate (WTI) for September delivery lost 1.10 US dollars to settle at 67.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.82 dollars to close at 72.39 dollars a barrel on the London ICE Futures Exchange. The contract dipped $1.82 on Wednesday.

The global benchmark traded at $5.86 premium to WTI in the same month after the spread widened to as much as $11.43 in June.

Futures for September delivery were little changed at 502.9 yuan a barrel on the Shanghai International Energy Exchange.

Canada exports hit record, U.S. tariffs hurt steel and aluminum
The trade gap narrowed to $626 million in June, down from $2.7 billion a month earlier, Statistics Canada said Friday in Ottawa. Canada imported products worth $51.3 billion in June, despite increases in seven of 11 product sections.

USA crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week. "They will bring in more US crude in the second half of the year because a wider WTI-Dubai spread is making USA crude purchases economically viable", said Kim Jae-kyong, a research fellow at Korea Energy Economic Institute.

Traders also are weighing output from Opec and its allies following their accord to increase production in June.

Official data from Russian Federation on Thursday showed that the country's oil output rose by 150,000 barrels per day (bpd) in July from June to 11.21 million bpd. Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total Opec production by 300,000 barrels a day last month. This is just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data.

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The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.

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