<a href="https://www.wionews.com/business-economy/oil-rises-as-opec-weighs-deeper-output-cuts-266440">Oil</a> edged further above $65 a barrel on Tuesday, supported by hopes that the US-China trade deal will <a href="https://www.wionews.com/business-economy/oil-prices-fall-as-hopes-for-us-china-trade-progress-wilt-254886">bolster</a> oil demand in 2020 and the prospect of lower US&nbsp;crude supplies.

The '<a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">Phase One</a>' agreement between the world's two largest economies has been "absolutely completed," Larry Kudlow, a top White House adviser, said on Monday, adding that U.S. exports to China will double under the deal.

Brent crude, the global benchmark, rose 17 cents to $65.51 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 1 cent to $60.22.

"Christmas has definitely arrived early for oil producers," said Craig Erlam, analyst at brokerage OANDA. "Brent could get closer to $70 before the rally starts to run on fumes."

The prolonged trade dispute has been a dampener for oil demand and weighed on prices. Banks including JP Morgan and Goldman Sachs have revised up their 2020 price forecasts in the wake of the improving trade outlook and a new OPEC-led agreement to curb output.

"The risk-on tone is still noticeable," said Tamas Varga of oil broker PVM. "The next event to look out for is the weekly U.S. oil inventory statistics."

Supply reports from oil industry group the <a href="https://www.wionews.com/business-economy/oil-rises-after-inventory-build-eases-recession-worries-246174">American Petroleum Institute</a> and the government's Energy Information Administration are expected to show U.S. crude inventories probably fell last week.

The first of the two, from the API, is scheduled for release at 4:30 p.m. EST (2130 GMT) on Tuesday. The government report follows on Wednesday.

Also supporting prices, the Organization of the Petroleum of Exporting Countries and allies such as Russia - a group known as OPEC+ - are making a further oil supply cut of 500,000 barrels per day from Jan. 1 to support the market.

This comes on top of the existing deal to trim supply by <a href="https://www.wionews.com/business-economy/oil-rises-as-saudi-arabia-pushes-for-further-supply-cuts-265974">1.2 million bpd</a> that came into effect on Jan. 1 this year.

Oil edged further above $65 a barrel on Tuesday, supported by hopes that the US-China trade deal will bolster oil demand in 2020 and the prospect of lower US crude supplies.

Oil edged further above $65 a barrel on Tuesday, supported by hopes that the US-China trade deal will bolster oil demand in 2020 and the prospect of lower US crude supplies. The 'Phase One' agreement between the world's two largest economies has been "absolutely completed," Larry Kudlow, a top White House adviser, said on Monday, adding that U.S. exports to China will double under the deal. Brent crude, the global benchmark, rose 17 cents to $65.51 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 1 cent to $60.22. "Christmas has definitely arrived early for oil producers," said Craig Erlam, analyst at brokerage OANDA. "Brent could get closer to $70 before the rally starts to run on fumes." The prolonged trade dispute has been a dampener for oil demand and weighed on prices. Banks including JP Morgan and Goldman Sachs have revised up their 2020 price forecasts in the wake of the improving trade outlook and a new OPEC-led agreement to curb output. "The risk-on tone is still noticeable," said Tamas Varga of oil broker PVM. "The next event to look out for is the weekly U.S. oil inventory statistics." Supply reports from oil industry group the American Petroleum Institute and the government's Energy Information Administration are expected to show U.S. crude inventories probably fell last week. The first of the two, from the API, is scheduled for release at 4:30 p.m. EST (2130 GMT) on Tuesday. The government report follows on Wednesday. Also supporting prices, the Organization of the Petroleum of Exporting Countries and allies such as Russia - a group known as OPEC+ - are making a further oil supply cut of 500,000 barrels per day from Jan. 1 to support the market. This comes on top of the existing deal to trim supply by 1.2 million bpd that came into effect on Jan. 1 this year.

Oil edges further above $65 on trade hopes, supply cuts

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US&nbsp;trade war.

Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3&nbsp;per cent&nbsp;last week on the news that OPEC and its allies would deepen output cuts.

West Texas Intermediate oil futures were down 28 cents, or 0.47&nbsp;per cent&nbsp;to $58.92 a barrel, having risen about 7&nbsp;per cent&nbsp;last week on the prospects for lower production from '<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">OPEC+</a>', which is made up of the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and associated producers including Russia.

Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1&nbsp;per cent&nbsp;from a year earlier - a sharp reversal from expectations for a 1per cent&nbsp;rise in a Reuters poll.

The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand.

The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief&nbsp;Asia market strategist at AxiTrader.

Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal.

On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent&nbsp;of global production.

"What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note.

"This would effectively take OPEC+ cuts to 2.1 million BPD," ING said.

Still, US&nbsp;production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction.

Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US&nbsp;drill count fell in the week to December&nbsp;6 a seventh week of decline.

Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war. Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3 per cent last week on the news that OPEC and its allies would deepen output cuts. West Texas Intermediate oil futures were down 28 cents, or 0.47 per cent to $58.92 a barrel, having risen about 7 per cent last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia. Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1 per cent from a year earlier - a sharp reversal from expectations for a 1per cent rise in a Reuters poll. The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand. The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief Asia market strategist at AxiTrader. Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details. Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments. The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal. On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent of global production. "What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note. "This would effectively take OPEC+ cuts to 2.1 million BPD," ING said. Still, US production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction. Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US drill count fell in the week to December 6 a seventh week of decline. Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices slip as weak China exports highlights trade war impact

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Despite the new cuts, <a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a> stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs.

Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT.

West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the <a href="https://www.wionews.com/world/china-says-in-close-communication-with-us-over-trade-deal-266442">US-China trade war</a>.

The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent&nbsp;of global oil output.

"The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note.

A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak.

Details need to be hammered out at Friday's OPEC+ meeting in Vienna.

Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies.

"North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note.

Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range.

The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing <a href="https://www.wionews.com/business-economy/saudi-aramco-ipo-institutional-tranche-295-times-oversubscribed-266097">Aramco</a> at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman.

Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020. Despite the new cuts, OPEC stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs. Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT. West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the US-China trade war. The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent of global oil output. "The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note. A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak. Details need to be hammered out at Friday's OPEC+ meeting in Vienna. Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies. "North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note. Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range. The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing Aramco at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman. Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil slips as OPEC+ gears up to confirm supply cut

Oil&nbsp;prices fell on Thursday, extending losses from the previous session after official data showed United States&nbsp;crude and gasoline stocks rose against expectations and production hit a record.

Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent&nbsp;on Wednesday.

US&nbsp;West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent&nbsp;in the previous session.

Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels.&nbsp;

More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain.

Oil&nbsp;prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute.

"The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the <a href="https://www.wionews.com/world/were-in-final-throes-of-trade-deal-but-will-see-how-it-goes-in-hong-kong-trump-264769">US-China trade deal</a>," ANZ Research said in a note.

Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel&nbsp;oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply.

In the United States as well, energy services company Baker Hughes reported that US&nbsp;oil&nbsp;drillers reduced the number of drilling rigs for a record 12 months in a row.&nbsp;

Drillers cut three&nbsp;oil&nbsp;rigs in the week to November&nbsp;27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US&nbsp;Thanksgiving holiday.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record.

Oil prices fell on Thursday, extending losses from the previous session after official data showed United States crude and gasoline stocks rose against expectations and production hit a record. Brent crude futures were down 16 cents, or 0.3 per cent, at $63.90 a barrel by 0141 GMT, having dropped 0.3 per cent on Wednesday. US West Texas Intermediate crude fell 21 cents, or 0.4 per cent, to $57.90, after falling 0.5 per cent in the previous session. Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels. More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain. Oil prices had risen earlier this week on expectations that China and the United States, the world's two biggest crude users, would soon sign a preliminary agreement, putting an end to their 16-month trade dispute. "The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the US-China trade deal," ANZ Research said in a note. Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-bpd El Feel oilfield after attacking the area with airstrikes, leading to production being halted and raising some worries about supply. In the United States as well, energy services company Baker Hughes reported that US oil drillers reduced the number of drilling rigs for a record 12 months in a row. Drillers cut three oil rigs in the week to November 27, bringing the count down to 668, lowest since April 2017, Baker Hughes said in its report released a day early due to the US Thanksgiving holiday.

Oil drops as US inventory build, record output rekindles supply worries

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial <a href="https://www.wionews.com/world/want-to-work-out-preliminary-trade-deal-with-united-states-not-afraid-of-retaliating-chinese-president-jinping-263827">trade deal </a>that would lift some pressure on the global economy.

That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session.

Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel.

China has invited top US&nbsp;trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources.

"The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.

"With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today."

Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5.

Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year.

News that last week saw the biggest drawdown in three months for US&nbsp;crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures.

Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests.

Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy.

Oil prices pulled back from their highest levels in nearly two months on Friday amid lingering doubts on whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. Brent crude futures dropped 34 cents, or 0.53%, to $63.63 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude futures fell 31 cents, also down 0.53%, to $58.27 per barrel. China has invited top US trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unidentified sources. "The key factor for the demand outlook for oil is the (US-China) trade negotiation currently going on," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney. "With oil near the top of recent trading ranges it's no surprise to see a bit of selling pressure during the session today." Prices had touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5. Oil was also buoyed by comments from China's commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair's long-running trade war, allaying fears that talks might be unravelling. However, the completion of a phase one deal could slide into next year. News that last week saw the biggest drawdown in three months for US crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week. Cushing is the delivery point for WTI futures. Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests. Several major economies - the United States, France and Germany - will release manufacturing data later today which could impact the market, McCarthy said.

Oil topples from two-month high on concern over US-China trade deal

Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

&nbsp;Oil&nbsp;rose on Thursday after industry data showed a surprise drop in&nbsp;US&nbsp;crude&nbsp;inventories, while&nbsp;comments&nbsp;from an&nbsp;<a href="https://www.wionews.com/.../new-oil-field-adds-222-billion-barrels-with- current-technology-iran-261333">OPEC</a>&nbsp;official about lower-than-expected&nbsp;US&nbsp;shale&nbsp;production&nbsp;growth&nbsp;in 2020 also provided some support.

Prices, however, were capped by mixed signs for&nbsp;oil&nbsp;demand in China, the world's biggest&nbsp;crude&nbsp;importer, as industrial output rose more slowly than expected in October, but&nbsp;oil&nbsp;refinery throughput hit the second-highest level ever.

Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while&nbsp;US&nbsp;West Texas Intermediate&nbsp;crude&nbsp;gained 47 cents, or 0.8 per cent, to reach $57.59.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States&nbsp;shale, adding that some&nbsp;US&nbsp;shale&nbsp;oil&nbsp;firms see output growing by only 300,000-400,000 barrels per day (bpd).

While Barkindo's&nbsp;comments&nbsp;supported&nbsp;oil&nbsp;prices, there is not a clear way for&nbsp;OPEC&nbsp;to forecast&nbsp;oil&nbsp;production outside the group, Howie Lee, an economist at Singapore's OCBC bank said.

"I don't see much changes in supply so prices are still trading within the same range from the start of November," he said.

Barkindo's&nbsp;comments&nbsp;were also in contrast with forecasts by the&nbsp;<a href="https://www.wionews.com/.../oil-prices-gain-after-us-inventories-fall-249041">US&nbsp;Energy Information Administration</a> (EIA) on Wednesday that&nbsp;US&nbsp;oil&nbsp;production is on course to hit new records this year and next.

The American Petroleum Institute reported on Wednesday an unexpected drop in&nbsp;crude&nbsp;stockpiles by 541,000 barrels in the week to November&nbsp;8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed.

Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the&nbsp;US&nbsp;Veterans Day holiday on Monday.

OPEC&nbsp;and its allies, including Russia, meet on Dec. 5-6 to discuss&nbsp;output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting&nbsp;crude&nbsp;prices. The pact runs&nbsp;to March 2020.

Barkindo said on Wednesday it was too early to say if further output cuts&nbsp;would be needed.

"They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support.

Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support. Prices, however, were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever. Brent futures rose 47 cents, or 0.8 per cent, to $62.84 per barrel by 0808 GMT, while US West Texas Intermediate crude gained 47 cents, or 0.8 per cent, to reach $57.59. The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale, adding that some US shale oil firms see output growing by only 300,000-400,000 barrels per day (bpd). While Barkindo's comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore's OCBC bank said. "I don't see much changes in supply so prices are still trading within the same range from the start of November," he said. Barkindo's comments were also in contrast with forecasts by the US Energy Information Administration (EIA) on Wednesday that US oil production is on course to hit new records this year and next. The American Petroleum Institute reported on Wednesday an unexpected drop in crude stockpiles by 541,000 barrels in the week to November 8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed. Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the US Veterans Day holiday on Monday. OPEC and its allies, including Russia, meet on Dec. 5-6 to discuss output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting crude prices. The pact runs to March 2020. Barkindo said on Wednesday it was too early to say if further output cuts would be needed. "They have made it quite clear that they are not reducing production further," said OCBC's Lee. "What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts."

Oil gains on US crude stocks fall, OPEC comments on slower US shale growth

Oil&nbsp;prices&nbsp;edged&nbsp;up&nbsp;on Friday after a difficult week but were still headed for&nbsp;losses of about 4 per cent, hit by a combination of&nbsp;rising&nbsp;global supply and uncertain future demand.

US&nbsp;crude&nbsp;rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was&nbsp;set&nbsp;for a&nbsp;weekly&nbsp;loss&nbsp;of more than 4 per cent.

Brent crude&nbsp;was&nbsp;up&nbsp;5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent.

Worries over global economic growth, along with&nbsp;oil&nbsp;demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled&nbsp;trade&nbsp;between the world's top two economies.

"Concerns about the <a href="https://www.wionews.com/world/trump-new-location-for-united-states-china-trade-deal-signing-to-be-announced-soon-259106">US-China&nbsp;trade&nbsp;dispute </a>have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday.

Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy.

US&nbsp;crude inventories&nbsp;rose by 5.7 million barrels in the week to October&nbsp;25, dwarfing analyst expectations for an increase of just 494,000 barrels.

A Reuters survey showed that&nbsp;oil&nbsp;prices&nbsp;are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.

Meanwhile, US&nbsp;crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent&nbsp;increase in Gulf of Mexico&nbsp;output, according to government data released on Thursday.

Those numbers came as a Reuters survey found&nbsp;output&nbsp;from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on&nbsp;oil&nbsp;plants more than offsetting&nbsp;losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand.

Oil prices edged up on Friday after a difficult week but were still headed for losses of about 4 per cent, hit by a combination of rising global supply and uncertain future demand. US crude rose for the first time in four days, gaining 18 cents, or 0.3 per cent, to $54.36 a barrel by 0339 GMT. The contract was set for a weekly loss of more than 4 per cent. Brent crude was up 5 cents, or 0.1 per cent, at $59.67 a barrel, leaving it on track for a drop of nearly 4 per cent. Worries over global economic growth, along with oil demand, continue to haunt the market as leaders from the United States and China struggle to end a 16-month dispute that has roiled trade between the world's top two economies. "Concerns about the US-China trade dispute have come home to roost," said Stephen Innes, Asia Pacific market strategist at AxiTrader. The market received some respite from a run of poor economic data after an unexpected bounce in a private sector survey of Chinese manufacturing activity on Friday, which contrasted with the dour results of an official survey Thursday. Japanese factory activity, however, sank to more than a three-year low in October, data showed on Friday, in a fresh warning sign for the world's third-largest economy. US crude inventories rose by 5.7 million barrels in the week to October 25, dwarfing analyst expectations for an increase of just 494,000 barrels. A Reuters survey showed that oil prices are likely to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year. Meanwhile, US crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30 per cent increase in Gulf of Mexico output, according to government data released on Thursday. Those numbers came as a Reuters survey found output from Organization of the Petroleum Exporting Countries (OPEC) recovered in October from an eight-year low, with rapid recovery in Saudi Arabian production from attacks on oil plants more than offsetting losses in Ecuador and voluntary curbs under a supply pact.

Oil prices edge up, but set for big weekly loss on rising output, trade woes

Oil prices slipped on Tuesday as investors awaited US&nbsp;crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Brent&nbsp;futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent&nbsp;on Monday.

US&nbsp;West Texas Intermediate (WTI)&nbsp;crude was down 12 cents at $55.69, after falling 1.5 per cent&nbsp;in the previous session.

Prices rose sharply last week amid a decline in US&nbsp;inventories and signs of an easing in the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">US-China trade war</a>, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress.

"The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

US&nbsp;crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks.

US&nbsp;crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape.

The American Petroleum Institute releases industry data later on Tuesday, while the US&nbsp;government's Energy Information Administration releases inventory data on Wednesday.&nbsp;

The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December&nbsp;28 this year, the agency said on Monday.

US&nbsp;President <a href="https://www.wionews.com/videos/donald-trump-isis-chief-baghdadi-died-like-a-dog-258480">Donald Trump </a>said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.

Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October&nbsp;11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing. Brent futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent on Monday. US West Texas Intermediate (WTI) crude was down 12 cents at $55.69, after falling 1.5 per cent in the previous session. Prices rose sharply last week amid a decline in US inventories and signs of an easing in the US-China trade war, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress. "The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. US crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks. US crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape. The American Petroleum Institute releases industry data later on Tuesday, while the US government's Energy Information Administration releases inventory data on Wednesday. The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December 28 this year, the agency said on Monday. US President Donald Trump said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing. Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October 11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices edge lower ahead of US stockpile numbers

Unemployment and sluggish economic growth are fuelling social tension and popular protests in <a href="https://www.wionews.com/business-economy/world-suffering-synchronised-slowdown-says-new-imf-chef-effect-more-pronounced-in-india-254687">several Arab countries</a>, the International Monetary Fund said Monday.

The unrest is, in turn, contributing to slower growth in the Middle East and North Africa (MENA) region, alongside global trade tensions, oil price volatility and a <a href="https://www.wionews.com/world/eu-agrees-brexit-extension-but-sets-no-date-as-uk-squabbles-over-election-258193">disorderly Brexit process</a>, the IMF said in a report on the regional economic outlook.

Earlier this month it lowered the 2019 forecast for the region -&nbsp;taking in the Arab nations and Iran -&nbsp;to a meagre 0.1 per cent from 1.1 per cent last year.

The IMF slashed its outlook for the region's three largest economies -&nbsp;Saudi Arabia, Iran and the United Arab Emirates.

The risks around the forecast of earlier this month "are skewed to the downside and are highly dependent on global factors," the IMF said in its report on Monday.

"The level of growth that countries in the region are having is below what is needed to address unemployment," said Jihad Azour, the IMF's director for the Middle East and Central Asia.

"We are in a region where the rate of unemployment at the youth level exceeds 25-30 per cent and this requires growth to be higher by 1-2 per cent" in order to make a dent in joblessness, Azour told AFP in an interview.

The IMF report said that high unemployment was worsening social tensions in Arab countries.&nbsp;

"Unemployment averages 11 per cent throughout the region versus seven per cent across other emerging market and developing economies," it said.&nbsp;

"Women and young people are particularly likely to be out of work, with more than 18 per cent of women... without jobs in 2018."

Violent protests have broken out in several Arab countries since early 2010 and turned into bloody civil wars in Syria, Yemen and Libya.

A new wave of demonstrations erupted over the last year in Algeria, Sudan, Iraq and Lebanon, typically demanding economic reforms and action against corruption.

In Lebanon, where protesters have brought the country to a standstill with demands for a full overhaul of the political system, the economy grew at a very slow pace over the past few years, Azour noted.

"The government has to act firmly and swiftly in order to address those imbalances, bring confidence back by addressing the fiscal situation, and lower expenditure," he said.

The IMF also said that public debt levels were very high in many Arab countries -- exceeding 85 per cent of gross domestic product (GDP) on average, with rates of more than 150 per cent in Lebanon and Sudan.

"Having built over many years, the cost of public debt burdens has become sizeable, preventing investments critical to the region's long-term economic future," it said.

The IMF said that Iran, which is subject to crippling US sanctions, has entered a steep economic recession and faces a battle against spiralling inflationary pressures.

The Islamic republic's economy is projected to contract by 9.5 percent this year after posting negative growth of 4.8 percent in 2018.

Iranian authorities must align "the exchange rate close to the market rate and also reform the financial sector... and try to address some of the implications of the high level of inflation," Azour said.

As a result of the sanctions, Tehran is believed to be exporting only around 500,000 barrels per day of crude, down from over two million bpd before the sanctions.

The IMF said that oil-rich Gulf Cooperation Council (GCC) states, led by Saudi Arabia, are expected to grow by just 0.7 percent this year from 2.0 percent in 2018 due to lower oil prices and output.

"GCC economies need to diversify and grow out of oil and this requires them to accelerate the reforms that have been started in the last four to five years," Azour said.

Unemployment and sluggish economic growth are fuelling social tension and popular protests in several Arab countries, the International Monetary Fund said Monday.

Unemployment and sluggish economic growth are fuelling social tension and popular protests in several Arab countries, the International Monetary Fund said Monday. The unrest is, in turn, contributing to slower growth in the Middle East and North Africa (MENA) region, alongside global trade tensions, oil price volatility and a disorderly Brexit process, the IMF said in a report on the regional economic outlook. Earlier this month it lowered the 2019 forecast for the region - taking in the Arab nations and Iran - to a meagre 0.1 per cent from 1.1 per cent last year. The IMF slashed its outlook for the region's three largest economies - Saudi Arabia, Iran and the United Arab Emirates. The risks around the forecast of earlier this month "are skewed to the downside and are highly dependent on global factors," the IMF said in its report on Monday. "The level of growth that countries in the region are having is below what is needed to address unemployment," said Jihad Azour, the IMF's director for the Middle East and Central Asia. "We are in a region where the rate of unemployment at the youth level exceeds 25-30 per cent and this requires growth to be higher by 1-2 per cent" in order to make a dent in joblessness, Azour told AFP in an interview. The IMF report said that high unemployment was worsening social tensions in Arab countries. "Unemployment averages 11 per cent throughout the region versus seven per cent across other emerging market and developing economies," it said. "Women and young people are particularly likely to be out of work, with more than 18 per cent of women... without jobs in 2018." Violent protests have broken out in several Arab countries since early 2010 and turned into bloody civil wars in Syria, Yemen and Libya. A new wave of demonstrations erupted over the last year in Algeria, Sudan, Iraq and Lebanon, typically demanding economic reforms and action against corruption. In Lebanon, where protesters have brought the country to a standstill with demands for a full overhaul of the political system, the economy grew at a very slow pace over the past few years, Azour noted. "The government has to act firmly and swiftly in order to address those imbalances, bring confidence back by addressing the fiscal situation, and lower expenditure," he said. The IMF also said that public debt levels were very high in many Arab countries -- exceeding 85 per cent of gross domestic product (GDP) on average, with rates of more than 150 per cent in Lebanon and Sudan. "Having built over many years, the cost of public debt burdens has become sizeable, preventing investments critical to the region's long-term economic future," it said. The IMF said that Iran, which is subject to crippling US sanctions, has entered a steep economic recession and faces a battle against spiralling inflationary pressures. The Islamic republic's economy is projected to contract by 9.5 percent this year after posting negative growth of 4.8 percent in 2018. Iranian authorities must align "the exchange rate close to the market rate and also reform the financial sector... and try to address some of the implications of the high level of inflation," Azour said. As a result of the sanctions, Tehran is believed to be exporting only around 500,000 barrels per day of crude, down from over two million bpd before the sanctions. The IMF said that oil-rich Gulf Cooperation Council (GCC) states, led by Saudi Arabia, are expected to grow by just 0.7 percent this year from 2.0 percent in 2018 due to lower oil prices and output. "GCC economies need to diversify and grow out of oil and this requires them to accelerate the reforms that have been started in the last four to five years," Azour said.

Unemployment, sluggish growth fuelling protests in Arab countries: IMF

Oil&nbsp;prices&nbsp;were stable on Friday ahead of&nbsp;data&nbsp;that analysts say could show&nbsp;China, the world's largest&nbsp;oil&nbsp;importer, just recorded its <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">weakest quarter of economic&nbsp;growth</a>&nbsp;in nearly three decades, dragged down by a <a href="https://www.wionews.com/world/china-says-hopes-to-reach-phased-trade-pact-with-us-as-early-as-possible-256449">trade dispute</a> with the United States.

Global benchmark Brent crude&nbsp;oil&nbsp;futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT.

US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel.

Analysts polled by Reuters expected&nbsp;China's gross domestic product (GDP) to grow 6.1 per cent&nbsp;in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly&nbsp;data&nbsp;on record.

The Chinese government is due to release its third-quarter&nbsp;GDP&nbsp;data&nbsp;at 0200 GMT, along with other indicators for September.

With&nbsp;all&nbsp;eyes&nbsp;on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures.

"The release of fixed asset investment and industrial activity (data) in&nbsp;China&nbsp;will set the tone in commodity markets," ANZ Bank predicted in a note.

Adding to downward pressure, US&nbsp;crude&nbsp;oil&nbsp;stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.

US&nbsp;crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels.

Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources.

OPEC and its&nbsp;allies have agreed to limit their&nbsp;oil&nbsp;production by 1.2 million barrels per day&nbsp;until March 2020.

&nbsp;

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1 per cent in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, US crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. US crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels. Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources. OPEC and its allies have agreed to limit their oil production by 1.2 million barrels per day until March 2020.

Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

Oil&nbsp;prices lost about&nbsp;2 per cent&nbsp;on Monday on worries that global crude demand could stay under pressure as few details about the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a&nbsp;U.S.-China&nbsp;trade&nbsp;deal</a>&nbsp;did little to assure a quick resolution to the tariff fight.

Oil&nbsp;prices also felt pressure as the&nbsp;US&nbsp;dollar, which has an inverse relationship with crude prices, gained as waning&nbsp;trade&nbsp;deal&nbsp;hopes and ongoing concerns over <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Britain's exit </a>from the European Union attracted safe-haven investments.

Brent crude&nbsp;settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while&nbsp;US&nbsp;West Texas Intermediate (WTI) crude&nbsp;settled at $53.59 a barrel, losing $1.11, or 2.03 per cent.

"The complex is in (the) process of relinquishing a major portion of the late week&nbsp;trade&nbsp;inspired gains as conflicting indications out of the&nbsp;U.S. and&nbsp;China&nbsp;regarding&nbsp;trade&nbsp;progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates.

Late on Friday, Washington and Beijing outlined the first stage of a&nbsp;trade&nbsp;deal&nbsp;and suspended this week's scheduled&nbsp;US&nbsp;tariff hikes. Brent and WTI rose&nbsp;more&nbsp;than&nbsp;3 per cent&nbsp;last week, their first weekly increase since the week starting September&nbsp;20, on signs of progress toward a&nbsp;trade&nbsp;deal&nbsp;that would boost crude demand.

But optimism that the&nbsp;trade&nbsp;negotiations would prove successful faded, as&nbsp;China&nbsp;indicated further discussions were needed and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December&nbsp;15 if a&nbsp;deal&nbsp;has not been reached by then.

But existing tariffs remain in place and officials on both sides said much&nbsp;more&nbsp;work was needed before an accord could be agreed.

A good portion of the gains last week came after the United States announced on Friday it was deploying&nbsp;<a href="https://www.wionews.com/world/us-says-deploying-more-forces-to-saudi-arabia-to-counter-iran-threat-255380">more&nbsp;troops to Saudi Arabia</a>, and after an Iranian&nbsp;oil&nbsp;tanker was attacked in the Red Sea.

Oil&nbsp;prices had drawn some support from worries that further escalation along the <a href="https://www.wionews.com/photos/explainer-turkey-set-to-redraw-map-of-syrian-war-once-more-254794">Syrian and Turkish border</a> could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday.

The Saudi energy minister, Prince Abdulaziz bin Salman, said&nbsp;oil&nbsp;exporters were showing serious commitment to global output cuts&nbsp;in a&nbsp;deal&nbsp;between OPEC and its allies, a grouping known as OPEC+.

Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+&nbsp;deal.

Kuwait's&nbsp;oil&nbsp;minister said it was too early to discuss&nbsp;a possible buildup in&nbsp;oil&nbsp;inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable.

The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent&nbsp;in September, sources familiar with the matter said.

Bin Salman also said on Monday that Saudi Arabia's&nbsp;oil&nbsp;production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on&nbsp;oil&nbsp;prices.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Oil prices also felt pressure as the US dollar, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain's exit from the European Union attracted safe-haven investments. Brent crude settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while US West Texas Intermediate (WTI) crude settled at $53.59 a barrel, losing $1.11, or 2.03 per cent. "The complex is in (the) process of relinquishing a major portion of the late week trade inspired gains as conflicting indications out of the U.S. and China regarding trade progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates. Late on Friday, Washington and Beijing outlined the first stage of a trade deal and suspended this week's scheduled US tariff hikes. Brent and WTI rose more than 3 per cent last week, their first weekly increase since the week starting September 20, on signs of progress toward a trade deal that would boost crude demand. But optimism that the trade negotiations would prove successful faded, as China indicated further discussions were needed and US Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December 15 if a deal has not been reached by then. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed. A good portion of the gains last week came after the United States announced on Friday it was deploying more troops to Saudi Arabia, and after an Iranian oil tanker was attacked in the Red Sea. Oil prices had drawn some support from worries that further escalation along the Syrian and Turkish border could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday. The Saudi energy minister, Prince Abdulaziz bin Salman, said oil exporters were showing serious commitment to global output cuts in a deal between OPEC and its allies, a grouping known as OPEC+. Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+ deal. Kuwait's oil minister said it was too early to discuss a possible buildup in oil inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable. The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent in September, sources familiar with the matter said. Bin Salman also said on Monday that Saudi Arabia's oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on oil prices.

Oil falls more than 2% on US-China trade deal doubts, stronger dollar

Oil prices eased on Monday as scant details on the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a trade deal </a>between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures&nbsp;edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures&nbsp;was at $54.45 a barrel, down 25 cents.

Both contracts rose more than 3 per cent&nbsp;last week, their first weekly gain in three.

"There is an argument that the oil market trading during US&nbsp;hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy.

"So traders are reluctant to push it further given those very strong gains."

Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.

The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday.&nbsp;

But investors remained cautious given that few details emerged from the talks.

"Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note.

The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent&nbsp;from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters.

China's imports from the United States, on the other hand, have fallen 26.4 per cent&nbsp;in dollar terms during the first nine months.

China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent&nbsp;rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3 per cent last week, their first weekly gain in three. "There is an argument that the oil market trading during US hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy. "So traders are reluctant to push it further given those very strong gains." Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed. The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday. But investors remained cautious given that few details emerged from the talks. "Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note. The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters. China's imports from the United States, on the other hand, have fallen 26.4 per cent in dollar terms during the first nine months. China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices ease on scant details of US-China trade deal

Thousands of&nbsp;Haitians&nbsp;packed the&nbsp;streets&nbsp;in Port-Au-Prince on Sunday to call for President Jovenel Moise's resignation,&nbsp;singing&nbsp;and&nbsp;dancing&nbsp;in a carnival-like&nbsp;protest&nbsp;led by artists after weeks of intensifying&nbsp;anti-government&nbsp;demonstrations.

Opposition leaders and their supporters in the nation of 11 million people, the poorest in the Americas, have <a href="https://www.wionews.com/videos/protests-erupt-in-haiti-over-fuel-shortage-250321">called for Moise to step down </a>as anger grows over fuel and food shortages, a steep currency devaluation and corruption allegations.

Moise, who has denied wrongdoing, has taken a few public steps to address the grievances, adding to anger at the&nbsp;government. He took office in 2017 and has two years left in his term.

Up to about 10,000 people, including men and women wearing white in a show of solidarity, marched in the capital and its outskirts on Sunday to upbeat music blasting from trucks outfitted with powerful speakers, in a scene reminiscent of Haiti's cherished carnival celebrations.

"We have to change the system. We do not have access to housing, we have nothing to eat ... children cannot go to school," said Michelet, a&nbsp;protester who declined to give his last name. "The cost of living is increasing and Jovenel is not doing anything serious about it."

Port-Au-Prince Mayor Youri Chevry said he was heartened to see artists and musicians spearheading the demonstration.

"They are leading this movement today to help the people find solutions for their long-standing demands," he told a local radio station.

Unlike previous marches in which&nbsp;protesters clashed with police, the day was largely peaceful.

At least 17 people have been killed and 189 injured in the recent stretch of&nbsp;protests, according to Haiti's National Network for the Defense of Human Rights.

Thousands of Haitians packed the streets in Port-Au-Prince on Sunday to call for President Jovenel Moise's resignation, singing and dancing in a carnival-like protest led by artists after weeks of intensifying anti-government demonstrations.

Thousands of Haitians packed the streets in Port-Au-Prince on Sunday to call for President Jovenel Moise's resignation, singing and dancing in a carnival-like protest led by artists after weeks of intensifying anti-government demonstrations. Opposition leaders and their supporters in the nation of 11 million people, the poorest in the Americas, have called for Moise to step down as anger grows over fuel and food shortages, a steep currency devaluation and corruption allegations. Moise, who has denied wrongdoing, has taken a few public steps to address the grievances, adding to anger at the government. He took office in 2017 and has two years left in his term. Up to about 10,000 people, including men and women wearing white in a show of solidarity, marched in the capital and its outskirts on Sunday to upbeat music blasting from trucks outfitted with powerful speakers, in a scene reminiscent of Haiti's cherished carnival celebrations. "We have to change the system. We do not have access to housing, we have nothing to eat ... children cannot go to school," said Michelet, a protester who declined to give his last name. "The cost of living is increasing and Jovenel is not doing anything serious about it." Port-Au-Prince Mayor Youri Chevry said he was heartened to see artists and musicians spearheading the demonstration. "They are leading this movement today to help the people find solutions for their long-standing demands," he told a local radio station. Unlike previous marches in which protesters clashed with police, the day was largely peaceful. At least 17 people have been killed and 189 injured in the recent stretch of protests, according to Haiti's National Network for the Defense of Human Rights.

Haitians flock to streets in anti-government protest

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the<a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672"> trade war between them</a>, adding to anxieties about the global economy.

China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US&nbsp;President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent&nbsp;from 25 per cent&nbsp;on October&nbsp;15 if some signs of progress are not seen.

The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption.

Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US&nbsp;West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel.

"Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore.

Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer.

US&nbsp;crude stocks rose 2.9 million barrels in the week to October&nbsp;4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.

OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said.

OPEC member Venezuela will also increase its exports despite <a href="https://www.wionews.com/world/us-ready-to-target-other-countries-for-supporting-venezuelas-maduro-241275">US&nbsp;economic sanctions </a>that have curtailed shipments from the country.

Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy. China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent from 25 per cent on October 15 if some signs of progress are not seen. The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption. Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel. "Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer. US crude stocks rose 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply. OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said. OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fall as hopes for US-China trade progress wilt

US Secretary of State, Mike Pompeo on Wednesday termed the drone attack on oil facilities in Saudi Arabia as an "Iranian attack" while also described it as an "act of war."

"We were blessed that there were no Americans killed in this attack but any time you have an act of war of this nature, there's always a risk that that could happen. This is an attack of a scale we've just not seen before," CNN quoted him as saying.

<iframe data-google-container-id="4" data-load-complete="true" frameborder="0" height="1" id="google_ads_iframe_/6516239/outofpage_1x1_desktop_0" marginheight="0" marginwidth="0" name="google_ads_iframe_/6516239/outofpage_1x1_desktop_0" scrolling="no" srcdoc="" title="3rd party ad content" width="1"></iframe>Pompeo, who is on a <a href="https://www.wionews.com/world/mike-pompeo-heading-to-saudi-arabia-over-iran-tensions-pence-250263">two-day visit</a> to the Gulf region following the attack, also said, "This was an <a href="https://www.wionews.com/world/pompeo-heads-to-saudi-arabia-after-us-blames-iran-250306">Iranian attack</a>. It's not the case that you can subcontract out the devastation of 5 <a href="https://www.wionews.com/world/saudi-aramco-pursues-ipo-planning-despite-attack-damage-doubts-250228">per cent of the world's global energy supply</a> and think that you can absolve yourself from responsibility. Were it the case that the Houthis' fraudulent claim was accurate, was that true it's not but were that true, it doesn't change the fingerprints of the Ayatollah as having put at risk the global energy supply."

The US Secretary of State said that the weapons used in the attack were not in the possession of Yemen's Houthi rebels.

The drone attack took place on the oil facilities in Saudi Arabia took place on Saturday.

The attack was claimed by Yemen's Houthi rebels who are backed by Iran.

US Secretary of State, Mike Pompeo on Wednesday termed the drone attack on oil facilities in Saudi Arabia as an "Iranian attack" while also described it as an "act of war.

US Secretary of State, Mike Pompeo on Wednesday termed the drone attack on oil facilities in Saudi Arabia as an "Iranian attack" while also described it as an "act of war." "We were blessed that there were no Americans killed in this attack but any time you have an act of war of this nature, there's always a risk that that could happen. This is an attack of a scale we've just not seen before," CNN quoted him as saying. Pompeo, who is on a two-day visit to the Gulf region following the attack, also said, "This was an Iranian attack. It's not the case that you can subcontract out the devastation of 5 per cent of the world's global energy supply and think that you can absolve yourself from responsibility. Were it the case that the Houthis' fraudulent claim was accurate, was that true it's not but were that true, it doesn't change the fingerprints of the Ayatollah as having put at risk the global energy supply." The US Secretary of State said that the weapons used in the attack were not in the possession of Yemen's Houthi rebels. The drone attack took place on the oil facilities in Saudi Arabia took place on Saturday. The attack was claimed by Yemen's Houthi rebels who are backed by Iran.

Pompeo describes attack on Saudi oil facilities as 'act of war'

<a href="https://www.wionews.com/world/united-states-blames-iran-for-saudi-attacks-pretend-diplomacy-249751">US</a> Secretary of State Mike Pompeo departed for Saudi Arabia Tuesday to discuss possible retaliation after Washington said it had proof that attacks on Saudi oil installations originated in <a href="https://www.wionews.com/world/iran-dismisses-us-claim-it-was-behind-saudi-oil-attacks-says-ready-for-war-249810">Iran</a>.

Vice President Mike Pence announced that Pompeo was on his way to the kingdom to "discuss our response."

"As the president said, we don't want war with anybody but the United States is prepared," Pence said in a speech in Washington.

"We're locked and loaded and we're ready to defend our interests and allies in the region, make no mistake about it," he said, echoing President Donald Trump's words on Sunday.

A US official, speaking on condition of anonymity, told AFP that the Trump administration has concluded that last weekend's attack involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

The apparent hardening of the US position came as Iran's supreme leader ruled out negotiations with Washington "at any level."

This appeared to nix remaining hopes for a dramatic meeting between <a href="https://www.wionews.com/world/white-house-does-not-rule-out-trump-rouhani-meeting-after-saudi-attacks-249856">Trump and Iranian President Hassan Rouhani</a> at the United Nations next week.

Speaking to reporters on Air Force One over California, Trump said he too had cooled on what had always seemed to be a diplomatic longshot.

"I never rule anything out, but I prefer not meeting him," Trump said.

'It's not possible'

Yemen's Iranian-backed Huthi rebels claimed responsibility for Saturday's oil installation attacks, which halved output from the petro-state, a close ally of Washington.

But a senior US administration official cast doubt on that claim, saying that while the Huthis said they used 10 drones, one Saudi oil facility was hit "at least 17 times," and another twice by "precision-guided munitions."

Additionally, neither the type of drone "nor the cruise missiles employed in the attack can reach the facilities from Yemen. It's not possible," the official said.

The Huthis are at war with Saudi-backed forces in Yemen, turning the impoverished nation into a proxy battlefield for bitter regional rivals Tehran and Riyadh.

The increasingly complex conflict dovetails with the Trump administration's attempt to curb Iranian power through a "maximum pressure" campaign of crippling economic sanctions.

Trump began that campaign after unilaterally pulling out of a 2015 international deal meant to reward Iran for allowing restrictions on its nuclear industry.

He says that Tehran is secretly cheating and trying to build nuclear weapons and must be stopped.

Supreme leader Ayatollah Ali Khamenei said Washington's real goal was to bring his country to its knees.

"The policy of 'maximum pressure' against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the US at any level," he said in a televised address.

Khamenei also said that as long as sanctions are in place, direct talks are impossible, including a meeting at the UN.

'Support for war?'

Whether the new stage of the long-running US-Iranian standoff leads to conflict is the big unknown.

Saudi Arabia, which has bought huge quantities of US weaponry, is considered a strategic ally in the region, second to Israel, another bitter foe of Iran.

Trump called off a retaliatory US missile attack on Iran in June after the Iranians shot down a spy drone. He said he did not want to kill what generals told him could be up to 150 people.

Trump's administration is considering responses to the latest attack including a cyber attack or a physical strike on Iranian oil infrastructure or its Revolutionary Guards, NBC News reported, citing unnamed US officials.

Republican Lindsey Graham&nbsp;a vital Trump ally in Congress struck a belligerent tone Tuesday, charging that "such a sophisticated attack could not have occurred without Iran's blessing and direct involvement."

"This is literally an act of war," Graham said.

'Oil market nervous'

The strikes hit Abqaiq, the world's largest oil processing facility, and the Khurais oil field in eastern Saudi Arabia.

<a href="https://www.wionews.com/world/oil-falls-more-than-1-per-cent-as-market-awaits-response-to-saudi-oil-attacks-250122">Oil prices</a>&nbsp;receded more than five per cent on Tuesday, reversing some of the previous day's gains as analysts said they were expecting Saudi output to recover sooner than expected.

US Secretary of State Mike Pompeo departed for Saudi Arabia Tuesday to discuss possible retaliation after Washington said it had proof that attacks on Saudi oil installations originated in Iran.

US Secretary of State Mike Pompeo departed for Saudi Arabia Tuesday to discuss possible retaliation after Washington said it had proof that attacks on Saudi oil installations originated in Iran. Vice President Mike Pence announced that Pompeo was on his way to the kingdom to "discuss our response." "As the president said, we don't want war with anybody but the United States is prepared," Pence said in a speech in Washington. "We're locked and loaded and we're ready to defend our interests and allies in the region, make no mistake about it," he said, echoing President Donald Trump's words on Sunday. A US official, speaking on condition of anonymity, told AFP that the Trump administration has concluded that last weekend's attack involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week. The apparent hardening of the US position came as Iran's supreme leader ruled out negotiations with Washington "at any level." This appeared to nix remaining hopes for a dramatic meeting between Trump and Iranian President Hassan Rouhani at the United Nations next week. Speaking to reporters on Air Force One over California, Trump said he too had cooled on what had always seemed to be a diplomatic longshot. "I never rule anything out, but I prefer not meeting him," Trump said. 'It's not possible' Yemen's Iranian-backed Huthi rebels claimed responsibility for Saturday's oil installation attacks, which halved output from the petro-state, a close ally of Washington. But a senior US administration official cast doubt on that claim, saying that while the Huthis said they used 10 drones, one Saudi oil facility was hit "at least 17 times," and another twice by "precision-guided munitions." Additionally, neither the type of drone "nor the cruise missiles employed in the attack can reach the facilities from Yemen. It's not possible," the official said. The Huthis are at war with Saudi-backed forces in Yemen, turning the impoverished nation into a proxy battlefield for bitter regional rivals Tehran and Riyadh. The increasingly complex conflict dovetails with the Trump administration's attempt to curb Iranian power through a "maximum pressure" campaign of crippling economic sanctions. Trump began that campaign after unilaterally pulling out of a 2015 international deal meant to reward Iran for allowing restrictions on its nuclear industry. He says that Tehran is secretly cheating and trying to build nuclear weapons and must be stopped. Supreme leader Ayatollah Ali Khamenei said Washington's real goal was to bring his country to its knees. "The policy of 'maximum pressure' against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the US at any level," he said in a televised address. Khamenei also said that as long as sanctions are in place, direct talks are impossible, including a meeting at the UN. 'Support for war?' Whether the new stage of the long-running US-Iranian standoff leads to conflict is the big unknown. Saudi Arabia, which has bought huge quantities of US weaponry, is considered a strategic ally in the region, second to Israel, another bitter foe of Iran. Trump called off a retaliatory US missile attack on Iran in June after the Iranians shot down a spy drone. He said he did not want to kill what generals told him could be up to 150 people. Trump's administration is considering responses to the latest attack including a cyber attack or a physical strike on Iranian oil infrastructure or its Revolutionary Guards, NBC News reported, citing unnamed US officials. Republican Lindsey Graham a vital Trump ally in Congress struck a belligerent tone Tuesday, charging that "such a sophisticated attack could not have occurred without Iran's blessing and direct involvement." "This is literally an act of war," Graham said. 'Oil market nervous' The strikes hit Abqaiq, the world's largest oil processing facility, and the Khurais oil field in eastern Saudi Arabia. Oil prices receded more than five per cent on Tuesday, reversing some of the previous day's gains as analysts said they were expecting Saudi output to recover sooner than expected.

Mike Pompeo heads to Saudi Arabia after US blames Iran

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future.

With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans.

Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war.

"A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley.

"What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias.

"The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States."

Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes.

The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies.

Eyes on Pompeo

Equity traders shifted cautiously with Asian markets struggling for traction.

Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher.

Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down.

Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks.

However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday.

While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern.

"Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader.

"None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored."

Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared."

A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets.

Asian equities were mixed Wednesday, with attention turning to the Federal Reserve's key policy decision later in the day, while investors remain on alert for developments in the Middle East after the attack on Saudi oil facilities rocked markets. News that Riyadh will get its two major installations back online earlier than expected sent crude prices tumbling Tuesday, and they fell further in Asia, though analysts said there was nervousness on trading floors about oil security in the future. With fears of military retaliation against Iran -- who are accused of being behind the strikes -- low for now, focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans. Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war. "A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior market analyst Jeffrey Halley. "What will be closely watched is the press conference 30 minutes later, where we will gain more clarity as to whether the Fed has moved to an explicit easing bias. "The likelihood of a shift from neutral to easing will be high as the (policy board) will not be able to ignore the storm cloud around the rest of the world that must eventually start raining on the United States." Oxford Economics estimates the Fed will cut three more times this year, which would erase all its 2018 rate hikes. The Fed has been forced to pump more than $100 billion into US financial markets owing to a tightening of liquidity that had seen short-term lending rates spike for companies. Eyes on Pompeo Equity traders shifted cautiously with Asian markets struggling for traction. Hong Kong edged up 0.1 per cent after two days of steep losses that have been made worse by worries about long-running protests in the city. Shanghai was 0.4 per cent higher and Tokyo ended the morning 0.1 per cent higher. Seoul added 0.4 percent and Taipei rose 0.3 percent but Sydney slipped 0.2 percent and Singapore fell 0.1 per cent, while Wellington and Manila were also down. Dealers are being given some optimism by the fact the US and China are about to restart trade negotiations next month, with a delegation from Beijing reportedly visiting Washington this week for preparatory talks. However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday. While the resumption of output from the world's biggest exporter provided some much-needed relief, observers said long-term energy security is now a concern. "Restoring production may placate global investors' immediate economic concerns, but that's only half the problem as the attacks exposed some significant vulnerabilities," said Stephen Innes at AxiTrader. "None more so than just how inadequately prepared the markets are for disruptions of this magnitude which suggest that the supply risk premium could stick around well after production is restored." Eyes are on US Secretary of State Mike Pompeo, who departed for Saudi Arabia Tuesday to discuss possible retaliation, while Vice President Mike Pence said: "As the president said, we don't want war with anybody but the United States is prepared." A US official, speaking on condition of anonymity, told AFP the White House has concluded the attack -- claimed by Huthi rebels in Yemen -- involved cruise missiles from Iran and that evidence would be presented at the UN General Assembly next week.

Asian markets mixed ahead of key Fed meeting, oil drops again

The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.

The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged nearly a fifth at one point following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, which knocked out more than 5% of global oil supply. Yemen's Iran-aligned Houthi group claimed responsibility for the damage, but the US has pointed the finger directly at Iran. The Canadian dollar rose 0.4% to 1.3233 per dollar. The Norwegian krone rose 0.5% to 8.9363 per dollar. Both currencies often move together with the oil price because the countries are major oil exporters. In India, a major importer of crude, the rupee fell almost 0.7%. "The natural flow through of higher (oil) prices has seen the NOK and the CAD outperform, and we'll probable see a better feel towards the (Russian) rouble later on," said Chris Weston, head of research at brokerage Pepperstone Group in Melbourne. The attacks reversed last week's ebullient risk appetite and prompted US President Donald Trump to tweet that the United States was "locked and loaded" for a response. "We've got a beady eye on this and we're prepared to pile back in to the Japanese yen after last week's repositioning," Weston said, adding that while trade was calm, the strikes presented another geopolitical "what if" to vex markets. The safe-haven Japanese yen and Swiss franc both firmed. The yen rose 0.3% to 107.79 per dollar and the franc rose 0.4% to $0.9883. Gold jumped by 1%. Against a basket of currencies the dollar edged lower to 98.162. Beyond oil, currency markets are awaiting the outcome of central bank meetings in the U.S. and Japan this week and economic data in Australia and New Zealand that could determine the rates outlook in the Antipodes. "Geopolitical risks and central bank rhetoric remain key drivers of risk this week," Australia and New Zealand Banking Group analysts said in a note. On the Brexit front, British Prime Minister Boris Johnson's confidence of sealing a deal to leave the European Union by October 31 applied renewed pressure to the pound. Sterling fell 0.3 from a seven-week high to hit $1.2486. While much of the risk appetite on display last week was driven by signs of a thaw in US-China trade tensions, few fresh indications of progress left sentiment fragile. Data released on Monday showed the slowdown in China's economy deepened in August, with industrial production growing at its weakest pace in 17-1/2 years and retail sales weaker than anticipated. That added to pressure for stimulus and in offshore trade the Chinese yuan weakened 0.25% to 7.0631 per dollar. In the United States, investors who had begun trimming expectations for a U.S. Federal Reserve rate cut on Wednesday are now certain rates will fall and divided only over how much. As for the Bank of Japan's policy decision on Thursday, a third of economists polled by Reuters expect stimulus to be ramped up. But sources say it may be a close call as policymakers wait till the last minute to assess market reaction to the Fed's decision hours earlier. Japanese markets are closed on Monday for a public holiday. The euro was steady at $1.1073.

Dollar falls, oil-exporter currencies rise after Saudi attacks; yen firms

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies.

At 10:15 am, the BSE S&amp;P Sensex was down by 175 points at 37,210 while the Nifty 50 edged lower by 51 points to 11,025.

At the National Stock Exchange, sectoral indices were mixed with Nifty auto, financial service, media, metal, bank and realty in the negative zone. Nifty FMCG, IT and pharma showed marginal gains.&nbsp;

Among stocks, oil processing and marketing firms suffered the most as the United States blamed Iran for the weekend attack on Saudi Arabia`s crude oil facilities.

Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece.

Index heavyweight Reliance Industries slipped by 2.2 per cent.

The other prominent losers were Tata Motors, Mahindra &amp; Mahindra, Yes Bank, State Bank of India, Bharti Infratel and Asian Paints.

However, those which traded in the green were Indiabulls Housing Finance, ONGC, GAIL, Sun Pharma and Dr Reddy.

Meanwhile, moves in Asian share markets were small with Japan shut for a public holiday.&nbsp;

MSCI`s broadest index of Asia Pacific shares outside Japan was a notch lower at 515.4 while South Korea`s KOSPI was a tad higher by 0.4 per cent. Hong Kong`s Hang Seng was down by 1 per cent.&nbsp;

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies.

Equity indices were on a weak note during early hours on Monday as global oil prices surged to a four-month high after a strike on the world`s biggest oil facility in Saudi Arabia removed about 5 per cent of global supplies. At 10:15 am, the BSE S&P Sensex was down by 175 points at 37,210 while the Nifty 50 edged lower by 51 points to 11,025. At the National Stock Exchange, sectoral indices were mixed with Nifty auto, financial service, media, metal, bank and realty in the negative zone. Nifty FMCG, IT and pharma showed marginal gains. Among stocks, oil processing and marketing firms suffered the most as the United States blamed Iran for the weekend attack on Saudi Arabia`s crude oil facilities. Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece. Index heavyweight Reliance Industries slipped by 2.2 per cent. The other prominent losers were Tata Motors, Mahindra & Mahindra, Yes Bank, State Bank of India, Bharti Infratel and Asian Paints. However, those which traded in the green were Indiabulls Housing Finance, ONGC, GAIL, Sun Pharma and Dr Reddy. Meanwhile, moves in Asian share markets were small with Japan shut for a public holiday. MSCI`s broadest index of Asia Pacific shares outside Japan was a notch lower at 515.4 while South Korea`s KOSPI was a tad higher by 0.4 per cent. Hong Kong`s Hang Seng was down by 1 per cent.

Sensex and Nifty slip, oil firms under pressure after Saudi attack

Oil prices surged more than 10 per cent Monday after <a href="https://www.wionews.com/world/saudi-races-to-restore-oil-supply-after-strike-blamed-on-iran-249851">attacks on two Saudi Arabian plants that slashed output</a> in the world's top producer by half, with <a href="https://www.wionews.com/world/iran-dismisses-us-claim-it-was-behind-saudi-oil-attacks-says-ready-for-war-249810">Donald Trump blaming Iran </a>and raising the possibility of a military strike on the country.

West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.

The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six per cent of the global oil supply.

Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains.

Trump said Sunday the US was "locked and loaded" to respond to the attack, while Secretary of State Mike Pompeo said,&nbsp;"The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression."

Tehran denies the accusations but the news has revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.

"Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning," said Jeffrey Halley, senior market analyst at OANDA.

Oil prices surged more than 10 per cent Monday after attacks on two Saudi Arabian plants that slashed output in the world's top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country.

Oil prices surged more than 10 per cent Monday after attacks on two Saudi Arabian plants that slashed output in the world's top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country. West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco. The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six per cent of the global oil supply. Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains. Trump said Sunday the US was "locked and loaded" to respond to the attack, while Secretary of State Mike Pompeo said, "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression." Tehran denies the accusations but the news has revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran. "Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning," said Jeffrey Halley, senior market analyst at OANDA.

Oil prices soar more than 10% after attacks on two Saudi plants

Oil prices rose on Wednesday after a reported sharp drop in US&nbsp;crude stocks and <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a>&nbsp;member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US&nbsp;West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel.

Oil prices have risen more than 7 per cent this&nbsp;month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Prices rose this week after <a href="https://www.wionews.com/world/new-saudi-energy-minister-a-royal-with-decades-of-experience-in-opec-cuts-248719">Prince Abdulaziz bin Salman</a>, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained.

Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday.

He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year.

Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes.

<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">OPEC cut</a> its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown.

It indicated the market would be in surplus.

The US Energy Information Administration (EIA) also slashed its demand forecasts this week.

Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week.

OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US&nbsp;crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

"The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said.

The EIA's official numbers for US&nbsp;inventories will be released at 1430 GMT on Wednesday.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel. Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers. Prices rose this week after Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained. Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday. He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year. Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes. OPEC cut its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown. It indicated the market would be in surplus. The US Energy Information Administration (EIA) also slashed its demand forecasts this week. Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week. OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast. "The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said. The EIA's official numbers for US inventories will be released at 1430 GMT on Wednesday.

International oil prices gain after fall in US stocks

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week.

US&nbsp;West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week.

An emergency meeting with parties to Iran's 2015 nuclear deal was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian official Abbas Araqchi said on Sunday.

"The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told reporters after the meeting in Vienna.

The meeting did not include the United States, which pulled out of the agreement in May 2018 and slapped sanctions back on Iranian oil exports.

Still, tensions remain high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized but granted India consular access to 18 Indian crew members.

Denmark welcomed the British government's proposal for a European-led naval mission to ensure safe shipping through the strait.

The United States is also working on a multinational maritime security initiative in the Gulf.

Traders and investors are also focussed this week on meetings of major central banks including the US&nbsp;Federal Reserve, which is expected to lower interest rates.

US&nbsp;economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.

Growth outside the United States is slowing faster due partly to the impact of the US-China trade war. Senior US&nbsp;and Chinese negotiators are meeting this week for the first time since trade talks broke down in May.

A positive outcome may boost crude prices, analysts said.

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East.

Oil prices fell on Monday after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East. Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week. An emergency meeting with parties to Iran's 2015 nuclear deal was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian official Abbas Araqchi said on Sunday. "The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told reporters after the meeting in Vienna. The meeting did not include the United States, which pulled out of the agreement in May 2018 and slapped sanctions back on Iranian oil exports. Still, tensions remain high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized but granted India consular access to 18 Indian crew members. Denmark welcomed the British government's proposal for a European-led naval mission to ensure safe shipping through the strait. The United States is also working on a multinational maritime security initiative in the Gulf. Traders and investors are also focussed this week on meetings of major central banks including the US Federal Reserve, which is expected to lower interest rates. US economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. Growth outside the United States is slowing faster due partly to the impact of the US-China trade war. Senior US and Chinese negotiators are meeting this week for the first time since trade talks broke down in May. A positive outcome may boost crude prices, analysts said.

Oil falls after 'constructive' talks on Iran's nuclear deal

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/trade-war-like-the-one-going-on-between-us-and-china-foolish-thailand-ambassador-at-wion-world-order-238434&amp;sa=U&amp;ved=2ahUKEwij9_GHsNLjAhUbHo8KHfTpAw0QFjADegQIDxAC&amp;usg=AOvVaw3q6V_pmXlrHO0FOtaqNfXk">US-China trade war</a> capped gains.

Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week.

US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week.

Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf.

US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait.

However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said.

Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry.

WATCH:&nbsp;Iran-UK tanker tensions: Iran releases 9 crew members

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"Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said.

Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020.

"Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures.

The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year.

Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains.

Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains. Brent crude futures were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8%. They fell 6% last week. US West Texas Intermediate crude was 25 cents higher at $56.27 a barrel, a weekly gain of 1.1%. It fell to 7.5% last week. Tensions remained high around the Strait of Hormuz, the world's most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf. US Secretary of State Mike Pompeo said Washington had asked Japan, France, Germany, South Korea, Australia, and other nations to join a maritime security initiative in the Middle East so oil and other products can flow through the strait. However, oil prices' reaction to the strains in the Gulf has been relatively muted. "It appears that the majority of market participants do not expect a military conflict that would hamper oil shipments," Commerzbank analyst Carsten Fritsch said. Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. The US production in the Gulf of Mexico was still feeling the effects of Hurricane Barry. WATCH: Iran-UK tanker tensions: Iran releases 9 crew members × "Several indicators pointing to a slowdown of global oil demand growth appear to have taken over market sentiment," Jefferies analyst Jason Gammel said. Reuters polls taken July 1-24 showed the growth outlook for nearly 90% of the more than 45 economies surveyed was downgraded or left unchanged. That applied not just to this year but also in 2020. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand," said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures. The slowdown in global manufacturing and trade, and the associated hit to oil consumption, largely stems from a US-China trade war that has rumbled on over the last year. Trade talks between the two countries broke down in May after nearing an agreement. Next week, the top US and Chinese negotiators meet for the first time since then. Any positive outcome of the meeting is expected to boost oil prices.

Oil prices rise as Iran tensions remain unresolved

Oil prices rose about 1% on Thursday after Iran said it had <a href="https://www.wionews.com/world/seized-foreign-tanker-in-strait-of-hormuz-iran-236898">seized a foreign oil tanker</a> in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports.

Brent crude futures were up 48 cents at $64.14 a barrel by 1148 GMT after hitting a session high of $64.46.

West Texas Intermediate crude futures were up 33 cents at $57.11 after the U.S. benchmark hit a session high of $57.32.

Iran said the vessel, which it did not identify, was smuggling fuel and had been carrying 1 million litres, or around 6,200 barrels.

"The oil price reaction on Thursday shows once again that the conflict in the Middle East is far from solved and tensions could flare up at any time again. As oil keeps flowing, prices are likely to rise only temporarily," said Giovanni Staunovo, an analyst at Union Bank of Switzerland (UBS).

Iran said the vessel impounded was the same one it towed on Sunday after the ship had sent a distress call. US officials said on Wednesday they were unsure whether an oil tanker towed into Iranian waters had been seized or rescued.

Britain urged Iran to ease tensions in the Gulf while pledging to defend its shipping interests in the region.

Oil had fallen on Wednesday in response to a sharp rise in US stockpiles of products such as gasoline that pointed to weak demand during the US driving season.

WATCH: Iran says UK's seizure of oil tanker will not go unanswered

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Data from the US Energy Information Administration (EIA) showed a larger-than-expected drawdown in crude stockpiles last week, but traders focused instead on large builds in refined product inventories.

US crude inventories fell by 3.1 million barrels, the EIA said, more than analysts' forecasts for a decrease of 2.7 million barrels.

But gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

The gasoline inventory build in the United States was "especially remarkable in the week after the Independence Day weekend given that this is normally one of the periods of highest demand", analysts at Commerzbank wrote.

The summer driving season normally entails increased consumption of gasoline.

US President Donald Trump’s threat to impose additional tariffs on China has also pressured oil prices, with nerves on edge over when talks between the two countries will resume resolving a trade war that has slowed global economic growth.

Barclays on Thursday lowered its oil price forecasts for the second half of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global economic backdrop.

Oil prices rose about 1% on Thursday after Iran said it had seized a foreign oil tanker in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports.

Oil prices rose about 1% on Thursday after Iran said it had seized a foreign oil tanker in the Gulf amid rising tensions between Tehran and the West over the safety of shipping in the Strait of Hormuz, a vital gateway for energy exports. Brent crude futures were up 48 cents at $64.14 a barrel by 1148 GMT after hitting a session high of $64.46. West Texas Intermediate crude futures were up 33 cents at $57.11 after the U.S. benchmark hit a session high of $57.32. Iran said the vessel, which it did not identify, was smuggling fuel and had been carrying 1 million litres, or around 6,200 barrels. "The oil price reaction on Thursday shows once again that the conflict in the Middle East is far from solved and tensions could flare up at any time again. As oil keeps flowing, prices are likely to rise only temporarily," said Giovanni Staunovo, an analyst at Union Bank of Switzerland (UBS). Iran said the vessel impounded was the same one it towed on Sunday after the ship had sent a distress call. US officials said on Wednesday they were unsure whether an oil tanker towed into Iranian waters had been seized or rescued. Britain urged Iran to ease tensions in the Gulf while pledging to defend its shipping interests in the region. Oil had fallen on Wednesday in response to a sharp rise in US stockpiles of products such as gasoline that pointed to weak demand during the US driving season. WATCH: Iran says UK's seizure of oil tanker will not go unanswered × Data from the US Energy Information Administration (EIA) showed a larger-than-expected drawdown in crude stockpiles last week, but traders focused instead on large builds in refined product inventories. US crude inventories fell by 3.1 million barrels, the EIA said, more than analysts' forecasts for a decrease of 2.7 million barrels. But gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed. The gasoline inventory build in the United States was "especially remarkable in the week after the Independence Day weekend given that this is normally one of the periods of highest demand", analysts at Commerzbank wrote. The summer driving season normally entails increased consumption of gasoline. US President Donald Trump’s threat to impose additional tariffs on China has also pressured oil prices, with nerves on edge over when talks between the two countries will resume resolving a trade war that has slowed global economic growth. Barclays on Thursday lowered its oil price forecasts for the second half of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global economic backdrop.

Oil prices rise after Iran says it seized foreign tanker in Gulf

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after <a href="https://www.wionews.com/business-economy/oil-falls-on-trade-dispute-despite-surprise-drop-in-us-crude-inventories-217140">US crude inventories</a> shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent.

Both benchmarks hit their highest prices since late-May.

US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said.

"The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw."

A storm expected to form along the Gulf of Mexico also helped oil prices.

Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend.

"With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates.

Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group &nbsp;were in the process of removing staff from 15 offshore platforms. Exxon Mobil &nbsp;said it was monitoring the weather to determine if its facilities might be affected.

The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day.

The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices.

The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020.

Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices.

"The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen.

A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm. Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US West Texas Intermediate (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent. Both benchmarks hit their highest prices since late-May. US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said. "The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw." A storm expected to form along the Gulf of Mexico also helped oil prices. Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend. "With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates. Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group were in the process of removing staff from 15 offshore platforms. Exxon Mobil said it was monitoring the weather to determine if its facilities might be affected. The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day. The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices. The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020. Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices. "The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen. A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices jump 4.5 per cent on United States crude stocks draw, Gulf of Mexico storm

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-221236">Oil prices</a> were mixed on Tuesday as supply cuts, led by producer club OPEC, and US&nbsp;sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%.

US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US&nbsp;public holiday.

Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East.

OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy.

Beyond the output cuts, US&nbsp;bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties."

In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply.

Beyond the OPEC cuts, US&nbsp;sanctions on petroleum exports from Iran and Venezuela have tightened markets.

"Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added.

Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy.

Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there.

Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption.

"We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%. US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US public holiday. Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East. OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy. Beyond the output cuts, US bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties." In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply. Beyond the OPEC cuts, US sanctions on petroleum exports from Iran and Venezuela have tightened markets. "Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added. Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy. Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there. Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption. "We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil mixed as OPEC cuts, US sanctions prop up prices while trade war weighs

Oil&nbsp;prices dropped on Thursday, extending falls from the previous session amid surging US&nbsp;crude inventories and weak demand from refineries.

Brent crude futures, the international benchmark for&nbsp;oil&nbsp;prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel.

Crude futures already fell by around 2 per cent the previous day.

"Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on&nbsp;prices)," said Edward Moya, senior analyst at futures brokerage OANDA.

The<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779"> US&nbsp;crude&nbsp;oil&nbsp;</a>inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US&nbsp;crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock crude&nbsp;oil, the increase in commercial inventories also came on the back of planned sales of US&nbsp;strategic petroleum reserves (SPR) into the commercial market.

The US&nbsp;crude&nbsp;oil&nbsp;production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China&nbsp;trade war" were also weighing on&nbsp;oil&nbsp;prices.

Countering these bearish&nbsp;price&nbsp;factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market.

"Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on&nbsp;oil&nbsp;markets published this week.

"Macroeconomic data has rapidly deteriorated, and this is reflected in weaker&nbsp;oil&nbsp;demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said.

"On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019.

French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel. Crude futures already fell by around 2 per cent the previous day. "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA. The US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday. Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market. The US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month. Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China trade war" were also weighing on oil prices. Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market. "Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on oil markets published this week. "Macroeconomic data has rapidly deteriorated, and this is reflected in weaker oil demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said. "On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019. French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices fall on surging US crude stockpiles, economic concerns

<a href="https://www.wionews.com/business-economy/oil-slides-on-rising-us-crude-stockpiles-saudi-arabia-vow-to-keep-market-balanced-220549">Oil&nbsp;prices</a>&nbsp;dropped on Thursday, extending&nbsp;falls from the previous&nbsp;session amid&nbsp;surging&nbsp;US&nbsp;crude&nbsp;inventories and weak demand from refineries.

Brent&nbsp;crude&nbsp;futures, the international benchmark for&nbsp;oil&nbsp;prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close.

The US&nbsp;West Texas Intermediate (WTI)&nbsp;crude&nbsp;futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel.

Crude&nbsp;futures already fell by around 2 per cent the previous&nbsp;day.

"Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on&nbsp;prices)," said Edward Moya, senior analyst at futures brokerage OANDA.

US crude&nbsp;oil&nbsp;inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US&nbsp;crude&nbsp;inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock&nbsp;crude&nbsp;oil, the increase in commercial inventories also came on the back of planned sales of US&nbsp;strategic petroleum reserves (SPR) into the commercial market.

US crude&nbsp;oil&nbsp;production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns&nbsp;about slowing (oil) demand growth due to the negative impact on the global economy of the <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">US-China&nbsp;trade war</a>" were also weighing on&nbsp;oil&nbsp;prices.

Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market.

"Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on&nbsp;oil&nbsp;markets published this week.

"Macroeconomic&nbsp;data has rapidly deteriorated, and this is reflected in weaker&nbsp;oil&nbsp;demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US&nbsp;bank said.

"On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019.

French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place.

"Supply management is here to stay," the bank said.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close. The US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel. Crude futures already fell by around 2 per cent the previous day. "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA. US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday. Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market. US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month. Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China trade war" were also weighing on oil prices. Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market. "Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on oil markets published this week. "Macroeconomic data has rapidly deteriorated, and this is reflected in weaker oil demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said. "On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019. French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Major crude producers are set to meet Sunday to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply.&nbsp;

Key OPEC members and other major suppliers including Russia will assess the oil market and examine compliance to production cuts agreed late last year.

But the subject of Iran, which is not present, will dominate the one-day meeting of the OPEC+ group.

It comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the <a href="https://www.wionews.com/world/saudi-led-warplanes-pound-yemen-rebels-after-pipeline-attack-219178">bombing of a Saudi pipeline by Iran-aligned Yemen rebels</a>.

The meeting also comes as the full impact of re-instated US sanctions against Tehran kicks in, slashing the Islamic Republic's crude exports.

Hours before the meeting in Jeddah, host Saudi Arabia said it does not seek war with Iran but is ready to defend its interests.

The meeting is set to make recommendations ahead of a key OPEC summit in late June, to be attended by Iran.

President Donald Trump said last month Saudi Arabia and other OPEC members had agreed to his request to boost oil production in order to tamp down rising prices.

Massive drops in exports by Iran and Venezuela plus output cuts of 1.2 million barrels per day, implemented by the OPEC+ group since January, have cut supply.

But UAE Energy Minister Suheil al-Mazrouei said inventories were still building up.

He told reporters Saturday that the job of balancing the market was not yet complete, a hint that any ramp-up in production could send prices crashing as they did in late 2018.

Iran exports tumble

OPEC and the International Energy Agency said earlier this month that global oil supply fell in April due to US sanctions on Iran tightened and OPEC+ production cuts.

The IEA said Iranian crude production fell in April to 2.6 million bpd, down from 3.9 million before Washington announced in May 2018 it would withdraw from the 2015 Iran nuclear deal and re-impose sanctions.

Iran's output is already at its lowest level in over five years but could tumble in May to levels not seen since the devastating 1980-1988 Iran-Iraq war.

Energy intelligence firm Kpler sees Iranian exports plunging from 1.4 million bpd in April to around half a million barrels in May -- down from 2.5 million in normal circumstances.

Venezuela's output is also tumbling, down by over half since the third quarter of last year.

Kpler data shows OPEC+ members have kept to agreed production cuts.

But exporters fear a rush to raise production to plug the gap left by Iranian exports could backfire, triggering a new supply glut.&nbsp;

Gulf tensions

Sunday's meeting comes amid soaring Gulf tensions after the mysterious sabotage of several tankers off the Emirati coast and drone attacks, claimed by Iran-aligned Yemen rebels, which shut a key Saudi crude pipeline.

Both attacks targeted routes built as alternatives to the Strait of Hormuz, the conduit for almost all Gulf exports.

Iran has repeatedly threatened to close the Strait in case of war with the US, which said this month it was sending an aircraft carrier and strike group to the region.

Saudi Arabia accused Iran of ordering the pipeline attacks, targeting "the security of oil supplies... and the global economy".

Saudi foreign affairs minister Adel al-Jubeir said Sunday his country does not want war with Iran, but was ready to defend its interests.

Riyadh "does not want a war, is not looking for it and will do everything to prevent it", he told journalists in Riyadh.

Saudi Arabia called Saturday for urgent meetings of the Gulf Cooperation Council and the Arab League to discuss escalating tensions, government news agency SPA said.

It also said Crown Prince Mohammed bin Salman had spoken with US Secretary of State Mike Pompeo about enhancing security in the region.&nbsp;

Saudi Energy Minister Khalid al-Falih said last month the kingdom was ready to boost supplies in case of any shortage due to the Iran embargo.

That is likely to infuriate Iran and raise questions over the future of OPEC, of which Iran is an influential member.&nbsp;

Iranian Oil Minister Bijan Namdar Zanganeh has said Washington's stated aim of bringing Iran's oil exports "to zero" was "an illusion".

Major crude producers are set to meet Sunday to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply.

Major crude producers are set to meet Sunday to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply. Key OPEC members and other major suppliers including Russia will assess the oil market and examine compliance to production cuts agreed late last year. But the subject of Iran, which is not present, will dominate the one-day meeting of the OPEC+ group. It comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline by Iran-aligned Yemen rebels. The meeting also comes as the full impact of re-instated US sanctions against Tehran kicks in, slashing the Islamic Republic's crude exports. Hours before the meeting in Jeddah, host Saudi Arabia said it does not seek war with Iran but is ready to defend its interests. The meeting is set to make recommendations ahead of a key OPEC summit in late June, to be attended by Iran. President Donald Trump said last month Saudi Arabia and other OPEC members had agreed to his request to boost oil production in order to tamp down rising prices. Massive drops in exports by Iran and Venezuela plus output cuts of 1.2 million barrels per day, implemented by the OPEC+ group since January, have cut supply. But UAE Energy Minister Suheil al-Mazrouei said inventories were still building up. He told reporters Saturday that the job of balancing the market was not yet complete, a hint that any ramp-up in production could send prices crashing as they did in late 2018. Iran exports tumble OPEC and the International Energy Agency said earlier this month that global oil supply fell in April due to US sanctions on Iran tightened and OPEC+ production cuts. The IEA said Iranian crude production fell in April to 2.6 million bpd, down from 3.9 million before Washington announced in May 2018 it would withdraw from the 2015 Iran nuclear deal and re-impose sanctions. Iran's output is already at its lowest level in over five years but could tumble in May to levels not seen since the devastating 1980-1988 Iran-Iraq war. Energy intelligence firm Kpler sees Iranian exports plunging from 1.4 million bpd in April to around half a million barrels in May -- down from 2.5 million in normal circumstances. Venezuela's output is also tumbling, down by over half since the third quarter of last year. Kpler data shows OPEC+ members have kept to agreed production cuts. But exporters fear a rush to raise production to plug the gap left by Iranian exports could backfire, triggering a new supply glut. Gulf tensions Sunday's meeting comes amid soaring Gulf tensions after the mysterious sabotage of several tankers off the Emirati coast and drone attacks, claimed by Iran-aligned Yemen rebels, which shut a key Saudi crude pipeline. Both attacks targeted routes built as alternatives to the Strait of Hormuz, the conduit for almost all Gulf exports. Iran has repeatedly threatened to close the Strait in case of war with the US, which said this month it was sending an aircraft carrier and strike group to the region. Saudi Arabia accused Iran of ordering the pipeline attacks, targeting "the security of oil supplies... and the global economy". Saudi foreign affairs minister Adel al-Jubeir said Sunday his country does not want war with Iran, but was ready to defend its interests. Riyadh "does not want a war, is not looking for it and will do everything to prevent it", he told journalists in Riyadh. Saudi Arabia called Saturday for urgent meetings of the Gulf Cooperation Council and the Arab League to discuss escalating tensions, government news agency SPA said. It also said Crown Prince Mohammed bin Salman had spoken with US Secretary of State Mike Pompeo about enhancing security in the region. Saudi Energy Minister Khalid al-Falih said last month the kingdom was ready to boost supplies in case of any shortage due to the Iran embargo. That is likely to infuriate Iran and raise questions over the future of OPEC, of which Iran is an influential member. Iranian Oil Minister Bijan Namdar Zanganeh has said Washington's stated aim of bringing Iran's oil exports "to zero" was "an illusion".

Oil producers meet to discuss output amid Iran tension

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