Oil prices rise as looming Norway strike adds to disruptions

However, Iran exports might squeeze further if U.S. takes more aggressive stance on sanctions, they said.

Tripoli-based Libya National Oil Corp said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.

Rising global oil supply, driven by crude giants Saudi Arabia and Russian Federation, may come under pressure as key producers face disruptions, the International Energy Agency said Thursday.

The decline in overall inventories was partially due to a fall-off in stocks at the Cushing, Oklahoma, delivery hub for US crude futures, which were down by 2.1 million barrels. The recovery was prompted by a report from the US Energy Information Administration that US crude oil inventories fell by 12.6 million barrels in the week to July 6, nearly three times the drop expected. This was the biggest price slide in almost two years.

An extended drawdown in U.S. supplies is seeing little consideration from buyers as traders pile into safer assets.

The kingdom has faced elevated pressure from the likes of China, India and the U.S.in recent months, with all the big crude importers citing anxiety over rising fuel costs.

On Tuesday, the USA unveiled a list of $200bn worth of products to be hit with 10% tariffs, prompting China to vow counter-measures.

More news: Pogba dedicates France semi win to rescued Thai boys

The IEA report showed further signs that prices are taking a toll, with global demand growth slowing in the second quarter to just 900,000 barrels a day.

Iraq, which is also chronically restive, does not have spare capacity either, leaving most of the job of hiking OPEC production to Saudi Arabia, the United Arab Emirates and Kuwait.

Lower oil prices are particularly important to USA consumers in the summer months when driving reaches its heaviest.

Libyan oil production has fallen to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following port closures in late June, the NOC said on Monday.

Finally, we have to continue to expect production from Saudi Arabia, Russia and the U.S.to rise. This will bring additional crude to the market.

The selling pressure intensified as trade tensions between the US and China raised concerns about demand.

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