Saudis to suppress oil supply in Sept to stabilize market

Budget threatened as oil price sinks to $56

On Friday Oil prices fell, amid fears over demand as the U.S. China trade row casts its shadow over markets, though prices obtained some support from expectations of more OPEC production cuts.

Brent crude futures were down $1.04 (1.75%) at $57.90 a barrel by 1251 GMT, setting a fresh seven-month low.

Oil futures jumped more than $1 a barrel on Thursday, recovering half of the almost 5% losses in the previous session, on expectations that lower prices may lead to production cuts, reports Trend referring to Reuters.

WTI traded in the green zone temporarily on late Tuesday, up to $55.43 is now off 18% from its 2019 peak of $66.31 reached April 23.

Oil fell early on worries about the trade war, then extended losses after US government data showed a build of 2.4 million barrels in USA stockpiles instead of the 2.8 million draw analysts had expected.

Esparza added that a weaker US dollar has also lent support to the oil price rebound.

After seven weeks of consecutive crude drawdowns, "there was a thought that today's report would turn oil's fortunes around", said John Kilduff, partner at Again Capital LLC in NY. Oil struggled as doubts lingered over demand for energy, an apprehension closely connected to Washington's friction with China and other trade partners.

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Brent has plunged more than 12% after U.S. President Donald Trump said last week that he would slap a 10% tariff on a further $300 billion in Chinese imports from September 1, sending global equity markets into a tailspin. Weak demand in established markets is spurring the company to focus on emerging economies, he said.

"The threshold is $60 a barrel and if you go below that for a significant period of time, I would expect supplies to be taken off the market in order to support prices up", said Virendra Chauhan, an oil analyst at Energy Aspects in Singapore.

The agency also cut its forecast for global crude and liquids consumption by 0.1% for both 2019 and 2020.

"Market focus in oil has clearly shifted". But Trump on Tuesday allayed worries that the trade conflict with Beijing could be drawn out.

Tensions in the Middle East remained high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.

Oil prices rose after Euroilstock data showed total crude and product inventories of 16 European nations in July were slightly lower than in June.

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