"The market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war", Reuters quoted Gene McGillian, vice president of market research at Tradition Energy in Stamford Connecticut, as saying.
This week, the EIA reduced its forecast USA demand for crude and liquid fuels.
Nonetheless, on Monday's (August 5th) market closure, United Kingdom crude shrugged off 3 percent of its earlier gains to round off the day at $51.81 a barrel, while US West Texas Intermediate Crude Futures' price took a header of 1.74 percent to settle at $54.69 a barrel after finding some supports following a steep decline of US crude in inventories at the Oklahoma and Cushing.
Oil jumped more than $1 a barrel on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.
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West Texas Intermediate oil for September delivery added $1.63, or 3.2 per cent, to $52.72 a barrel on the New York Mercantile Exchange as of 7:29 a.m.in London after rising as much as $1.75 earlier.
Oil prices were generally down following a sluggish session opener Wednesday, with dark clouds ahead to the global markets courtesy of the US-China trade conflict seen by many market observers to get more complicated.
EIA's weekly report shows a surprise buildup in crude oil inventories.
Last month, the U.S. Energy Information Agency (EIA) cut its forecasts for 2019 world oil demand growth and U.S. crude production in light of the growing trade tensions between the world's two largest economies that have crippled economic activity.
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Meanwhile, U.A.E. Energy Minster Suhail Al-Mazrouei said on Twitter that "oil market fundamentals are good" and prices are undergoing a "temporary over-reaction, which is driven by speculation".
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"The IEA also lowered its demand-growth forecast for 2019 to 1.1 million barrels a day, down from previous projections of 1.2 million barrels in June and 1.5 million barrels late past year".
Over the past four weeks, crude oil imports averaged about 6.92 million b/d, down by 1.21 million b/d year-on-year, while crude oil exports averaged about 2.57 million b/d, up by about 740,000 b/d year-on-year. -China trade dispute worsened, spurring fears it would morph into a currency war. Still, U.S. stock indexes tumbled more.
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