Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets.

Brent crude futures edged up 8 cents to $66.25 a barrel by 0645 GMT, while US&nbsp;West Texas Intermediate (WTI) crude gained 4 cents to $60.97. Trading volume was thin, with not even news of President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald Trump</a>'s impeachment by the US&nbsp;House of Representatives stirring the oil market.

"We're near the top of trading ranges for both Brent and WTI so it's interesting to see them holding here," said Michael McCarthy, chief market analyst at CMC Markets in Sydney.

While there is a clear uptrend in place on the daily technical price chart for<a href="https://www.wionews.com/business-economy/international-oil-prices-stabilise-as-opec-production-cut-looms-178478"> WTI</a> to potentially move towards $61.50 a barrel, there are also near-term risks - touching that price level may encourage traders to sell, McCarthy said.

"(Trading) volumes are terrible. A lot of people have given up for the year with no scheduled events to push oil markets around," he said.

The trend leaves oil prices set to rise for a third consecutive week, surfing momentum from announcements this month about deeper output cuts by major producers as well as the 'Phase One' deal between the United States and China to resolve their long-running trade war.

The deal between the world's two largest economies has improved the global economic outlook, lifted the prospect for higher energy demand next year and underpinned oil prices.

In a further sign of thawing relations, China's finance ministry on Thursday published a new list of six US products that will be exempt from tariffs starting December&nbsp;26.

Just the week before, the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC</a>) and non-OPEC producers such as Russia agreed to deepen production cuts by a further 500,000 barrels per day (bpd) from January 1 on top of previous reductions of 1.2 million bpd.

According to weekly data released by the Energy Information Administration on Wednesday, US&nbsp;crude inventories dropped 1.1 million barrels in the week to December&nbsp;13, while gasoline and distillate stockpiles rose.

Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets.

Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets. Brent crude futures edged up 8 cents to $66.25 a barrel by 0645 GMT, while US West Texas Intermediate (WTI) crude gained 4 cents to $60.97. Trading volume was thin, with not even news of President Donald Trump's impeachment by the US House of Representatives stirring the oil market. "We're near the top of trading ranges for both Brent and WTI so it's interesting to see them holding here," said Michael McCarthy, chief market analyst at CMC Markets in Sydney. While there is a clear uptrend in place on the daily technical price chart for WTI to potentially move towards $61.50 a barrel, there are also near-term risks - touching that price level may encourage traders to sell, McCarthy said. "(Trading) volumes are terrible. A lot of people have given up for the year with no scheduled events to push oil markets around," he said. The trend leaves oil prices set to rise for a third consecutive week, surfing momentum from announcements this month about deeper output cuts by major producers as well as the 'Phase One' deal between the United States and China to resolve their long-running trade war. The deal between the world's two largest economies has improved the global economic outlook, lifted the prospect for higher energy demand next year and underpinned oil prices. In a further sign of thawing relations, China's finance ministry on Thursday published a new list of six US products that will be exempt from tariffs starting December 26. Just the week before, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia agreed to deepen production cuts by a further 500,000 barrels per day (bpd) from January 1 on top of previous reductions of 1.2 million bpd. According to weekly data released by the Energy Information Administration on Wednesday, US crude inventories dropped 1.1 million barrels in the week to December 13, while gasoline and distillate stockpiles rose.

Oil prices surf US-China trade thaw to 3-month highs

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from <a href="https://www.wionews.com/business-economy/oil-prices-pegged-back-by-mounting-concern-over-us-economy-246329">China's services sector</a>, after three days of losses due to fears about a weakening global economy.

Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US&nbsp;West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel.

Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.

China is the world's second-largest oil consumer and largest importer.

But US&nbsp;President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US&nbsp;recession.

US&nbsp;data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.

Some analysts argued that the overall fundamentals of the oil market remained discouraging.

"The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said.

Data due this week on US&nbsp;oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US&nbsp;Labor Day holiday on Monday.

US&nbsp;crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday.

"Crude oil remains troubled by reports that production from OPEC, Russia and the US&nbsp;all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said.

But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry.

In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero.

The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy.

Oil prices rose nearly 3 per cent on Wednesday, boosted by a wider market pickup on positive news from China's services sector, after three days of losses due to fears about a weakening global economy. Brent crude was up $1.55, or 2.66 per cent, at $59.81 a barrel by 1401 GMT, while US West Texas Intermediate futures gained $1.56, or 2.66 per cent, to $55.50 a barrel. Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year. China is the world's second-largest oil consumer and largest importer. But US President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a US recession. US data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Some analysts argued that the overall fundamentals of the oil market remained discouraging. "The bullish bandwagon seen earlier this year will not be making another appearance," Stephen Brennock of oil broker PVM said. Data due this week on US oil inventory levels will be delayed by a day to Wednesday and Thursday because of the US Labor Day holiday on Monday. US crude stockpiles are expected to have declined for a third straight week, a Reuters poll showed on Tuesday. "Crude oil remains troubled by reports that production from OPEC, Russia and the US all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question," Saxo Bank commodity strategist Ole Hansen said. But supply looks set to stay constrained as Russian officials and OPEC sources indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia's oil industry. In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero. The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Oil prices rise nearly 3% on China service sector expansion

&nbsp;Oil prices fell on Monday amid worries about an economic slowdown and the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-22-china-ripostes-241133">US-China&nbsp;trade&nbsp;war</a>, which have led to a cut in the outlook for global oil demand.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous&nbsp;settlement.

US&nbsp;West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the&nbsp;trade&nbsp;dispute&nbsp;between the United States and&nbsp;China&nbsp;has weakened demand and reduced crude prices.

US&nbsp;President Donald Trump said on Friday he was not ready to make a deal with&nbsp;China&nbsp;and even called a September round of&nbsp;trade&nbsp;talks into question.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Goldman Sachs Group Inc said on Sunday it no longer expects a&nbsp;trade&nbsp;deal between the world's two largest economies before the 2020 US presidential election.

The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008.

OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year.

"If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday.&nbsp;

"We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel."

In a sign of lower production in the United States, the weekly US&nbsp;oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices. US President Donald Trump said on Friday he was not ready to make a deal with China and even called a September round of trade talks into question. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Goldman Sachs Group Inc said on Sunday it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election. The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008. OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year. "If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday. "We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel." In a sign of lower production in the United States, the weekly US oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions. India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil edges down on lower demand outlook, US-China trade dispute

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

<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.

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.

Oil prices fall on surging US crude stockpiles, economic concerns

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China.

Brent crude futures were at $70.30 a barrel at 0318 GMT, up 7 cents, or 0.1%, from their last close. Brent ended the previous session down 0.6%.

The US&nbsp;West Texas Intermediate (WTI) crude futures were at $61.11 per barrel, up 7 cents, or 0.1%, from their previous settlement. WTI closed down 1% on Monday.

Headlines from the Middle East grabbed attention early in the session after Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions.

But analysts said the US-China trade war continued to cast a pall on the market as a whole.

"This ramp-up in trade tensions, which I don't really think people saw coming, is going to have an impact, a broad impact," Phin Ziebell, senior economist at National Australia Bank said by phone. "You can't avoid the impact on the oil market."

China on Monday ignored a warning from US&nbsp;President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas

The US&nbsp;Energy Department said on Monday that it was confident global oil markets are well supplied.

But that may change by the end of the year as oil production capacity could drop to under 1% of global supply-demand by the end of the year after the US&nbsp;imposed sanctions on Iran and Venezuela, the analyst said.

Saudi Arabia, the world's biggest oil exporter, is likely to raise its production much more cautiously than last year when production from the Kingdom rose to record highs above 11 million bpd in November after calls from Trump to replace Iranian barrels.

Riyadh, for now, is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories, despite pressure from the Trump administration to reduce oil prices.

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China. Brent crude futures were at $70.

Oil prices were moving higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China. Brent crude futures were at $70.30 a barrel at 0318 GMT, up 7 cents, or 0.1%, from their last close. Brent ended the previous session down 0.6%. The US West Texas Intermediate (WTI) crude futures were at $61.11 per barrel, up 7 cents, or 0.1%, from their previous settlement. WTI closed down 1% on Monday. Headlines from the Middle East grabbed attention early in the session after Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions. But analysts said the US-China trade war continued to cast a pall on the market as a whole. "This ramp-up in trade tensions, which I don't really think people saw coming, is going to have an impact, a broad impact," Phin Ziebell, senior economist at National Australia Bank said by phone. "You can't avoid the impact on the oil market." China on Monday ignored a warning from US President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas The US Energy Department said on Monday that it was confident global oil markets are well supplied. But that may change by the end of the year as oil production capacity could drop to under 1% of global supply-demand by the end of the year after the US imposed sanctions on Iran and Venezuela, the analyst said. Saudi Arabia, the world's biggest oil exporter, is likely to raise its production much more cautiously than last year when production from the Kingdom rose to record highs above 11 million bpd in November after calls from Trump to replace Iranian barrels. Riyadh, for now, is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories, despite pressure from the Trump administration to reduce oil prices.

Oil prices rise, gains tempered by US-China trade tensions

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the <a href="https://www.wionews.com/business-economy/oil-falls-on-trade-dispute-despite-surprise-drop-in-us-crude-inventories-217140">Sino-US&nbsp;trade talks</a>.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT.

The US&nbsp;West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a<a href="https://www.wionews.com/world/two-saudi-tankers-came-under-sabotage-attack-off-uae-no-casualties-218248"> "sabotage attack"</a> off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies.

Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organisation of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters.

"Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices," said Abhishek Kumar, head of analytics at Interfax Energy in London.

Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year.

Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June.

But the trade friction between Washington and China, which intensified last week will keep a lid on prices, said Kumar.

The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed.

"The US-China trade war is set to intensify, which will limit gains in prices," Kumar said.

"Market participants will closely watch China's retaliatory steps in response to the imposition of additional US tariffs on Chinese goods," Kumar said, adding the dispute "could be particularly detrimental to the growth in global oil demand".

The trade turmoil has prompted hedge funds to cut their bullish wagers on US crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, US&nbsp;government data showed on Friday.

Separately, in an early indicator of future output, US&nbsp;energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805.

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks.

Oil futures rose on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks. Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. The US West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement. Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a "sabotage attack" off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. Saudi Arabia and the UAE are the largest and third-largest producers, respectively, in the Organisation of the Petroleum Exporting Countries (OPEC), according to the latest survey by Reuters. "Rising geopolitical tensions in the Middle East, together with sharply declining oil supplies from Venezuela and Iran, will remain bullish for prices," said Abhishek Kumar, head of analytics at Interfax Energy in London. Markets have been supported by Washington's bid to cut Iran's oil exports to zero and reduce exports from Venezuela, where infrastructure problems have also cut output. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and world powers last year. Investors are also focused on tightened supplies following OPEC-led production cuts since the start of the year. There is a consensus that OPEC and its producer allies will extend the six-month output-cut agreement when they meet in June. But the trade friction between Washington and China, which intensified last week will keep a lid on prices, said Kumar. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019, data from the International Energy Agency showed. "The US-China trade war is set to intensify, which will limit gains in prices," Kumar said. "Market participants will closely watch China's retaliatory steps in response to the imposition of additional US tariffs on Chinese goods," Kumar said, adding the dispute "could be particularly detrimental to the growth in global oil demand". The trade turmoil has prompted hedge funds to cut their bullish wagers on US crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months, US government data showed on Friday. Separately, in an early indicator of future output, US energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down 805.

Oil prices rise as Middle East tanker attack increases supply concerns

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices.

China, the world's second-largest economy and the largest crude importer, on Friday, reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States.

Oil refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 per cent higher than a year earlier.

However, some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday.

Brent crude oil futures were at $61.09 per barrel at 0353 GMT, down 36 cents, or 0.6 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $52.47 per barrel, down 11 cents, or 0.2 per cent, from their last settlement.

"I think after the big moves overnight there's a little bit of self-shock among traders, volumes are well down... I don't see a great deal of follow through on last night's moves," said Michael McCarthy, chief markets strategist at CMC Markets.

International benchmark Brent crude rose 2.2 per cent on Thursday, while WTI climbed 2.8 per cent.

"After the big move yesterday, it's a little bit of consolidation that's happening," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

For the week, however, Brent is set to drop 0.9 per cent and WTI is set to fall 0.3 per cent.

As a part of the OPEC supply-cutting deal agreed last week, its de facto leader Saudi Arabia plans to reduce its output to 10.2 million barrels per day (bpd) in January.

In China, refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 per cent from the same month last year, the National Bureau of Statistics reported.

However, that is down from October and from the record of 12.49 million bpd reported in September.

Still for the first 11 months of the year, refinery output gained 7.2 per cent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices.

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world's second-largest economy and the largest crude importer, on Friday, reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States. Oil refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 per cent higher than a year earlier. However, some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday. Brent crude oil futures were at $61.09 per barrel at 0353 GMT, down 36 cents, or 0.6 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.47 per barrel, down 11 cents, or 0.2 per cent, from their last settlement. "I think after the big moves overnight there's a little bit of self-shock among traders, volumes are well down... I don't see a great deal of follow through on last night's moves," said Michael McCarthy, chief markets strategist at CMC Markets. International benchmark Brent crude rose 2.2 per cent on Thursday, while WTI climbed 2.8 per cent. "After the big move yesterday, it's a little bit of consolidation that's happening," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney. For the week, however, Brent is set to drop 0.9 per cent and WTI is set to fall 0.3 per cent. As a part of the OPEC supply-cutting deal agreed last week, its de facto leader Saudi Arabia plans to reduce its output to 10.2 million barrels per day (bpd) in January. In China, refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 per cent from the same month last year, the National Bureau of Statistics reported. However, that is down from October and from the record of 12.49 million bpd reported in September. Still for the first 11 months of the year, refinery output gained 7.2 per cent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Oil prices fall as investors take profits amid China economy worries

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

US&nbsp;West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement.

Front-month Brent crude oil futures&nbsp;had yet to trade.

Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term.

The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

"Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said.

The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria.

"Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said.

The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end.

"In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said.

Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.

This comes as supply in the United States is surging, with crude oil production&nbsp;up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States. US West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement. Front-month Brent crude oil futures had yet to trade. Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term. The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply. "Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said. The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria. "Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said. The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end. "In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said. Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth. This comes as supply in the United States is surging, with crude oil production up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edge up on expected OPEC supply cuts