Oil edges lower as supply concerns return

The USA through May 2018. The upward surge has stalled for the last two months. U.S. production was down 30,000 bpd in May

The USA through May 2018. The upward surge has stalled for the last two months. U.S. production was down 30,000 bpd in May

USA crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said.

Petrol stocks declined 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for United States crude futures fell by 1.3 million barrels, EIA data showed.

Analysts said the outlook beyond the short-term was turning bearish. Additionally, he said, USA monthly figures for production fell in May, suggesting that output may be curbed later in the year, he said.

On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.3% at $69.16 a barrel.

"Trade volume is pretty low in futures today".

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Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.

"It is unclear that the higher tariffs proposed by the Trump Administration will ever be imposed and if they are that they will have a major detrimental impact on oil demand", Flynn said.

Trade tensions "continue to weigh on the broader markets and obviously commodities", said Matt Sallee, who helps manage $16 billion at Tortoise Capital Advisors LLC in Leawood, Kansas.

US President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.

The U.S. nonfarm payrolls rose in July but the U.S. trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.

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"A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range", said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.

Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.

After Trump called for a 15 percent increase in tariffs on Chinese goods earlier this week, Beijing on Friday announced it was targeting $60 billion worth of US goods in response.

"It is nearly certain that China will impose additional duties on oil and refined products imported from the USA if the Trump administration implements additional tariffs on the next tranche of Chinese goods".

USA crude oil exports to China dropped by roughly 42% in July as the appetite for light sweet US crude declines in the Asian giant ahead of the start of 25% tariffs on US oil imports, Kallanish Energy learns.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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