Oil rebounds from seven-month low as Saudis seek to stem slide

Brent Oil Price Drops Below $58 per Barrel for First Time in Six Months

Oil Prices Down As Markets Brace For More China-US Trade War Aftershocks

"Oil prices have clawed back some losses, but the sentiment remains overly bearish", Stephen Innes, managing partner at VM Markets, said in a note.

For the week, September WTI crude oil settled at $54.50, down $1.16 or -2.08% and October Brent crude oil finished at $58.53, down $3.36 or -5.74%.

Unipec, the trading arm of state refiner Sinopec, has fixed the Very Large Crude Carrier (VLCC) Anne to load USA crude in mid-September, according to a shipbroker and Refinitiv Eikon data.

This week, the EIA reduced its forecast USA demand for crude and liquid fuels.

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USA crude inventories grew by 2.39 MMbbl within the week through August 2, correlated with the medial estimate for a 2.7 MMbbl decline in a Bloomberg survey. China's purchases of USA crude have dropped sharply from record levels past year.

In addition, the U.S. "This could lead to reduced trade activity and less oil demand growth".

In its monthly report, the IEA cut its forecasts for global oil demand this year and next due to projections of a weakening economy world-wide.

Rystad Energy said the oil market was going "from gloomy to gloomier", calling into question the consultancy's own bullish view for the first part of 2020.

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OPEC and its allies including Russian Federation, agreed in July to increase they provide cuts until March 2020 to spice up oil costs. Of course, as escalation of tensions between the USA and China could help cap gains or lead to another steep break, but you can't trade scared. The country's production will be lower in September than in this month, they said.

Despite healthy demand in all regions, the world's top crude oil exporter Saudi Arabia continues to keep its exports below the 7-million-bpd mark and will do so at least through September as it aims to tighten the market and drain down the oversupply, a Saudi official told Reuters on Thursday.

Asian shares steadied slightly on Wednesday as investors caught their breath from a week-long selloff, with steps taken by Chinese authorities to contain a sliding yuan easing fears of the Sino-U.S. trade and currency war. "The sharp move we've seen in the last couple of days has probably made it more acute that this is not working", said Edward Bell, director of commodity research at Dubai-based bank Emirates NBD PJSC.

"We shouldn't underestimate the potential impact of a full-blown trade war between the world's two biggest economies", said Bart Melek, head of global commodity strategy at TD Securities. Saudi Energy Minister Khalid Al-Falih insisted at OPEC's last meeting in July that the kingdom had already cut "deep enough".

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