United States crude oil refinery inputs increase last week

Oil prices steady, US-China trade dispute remains in focus

Oil prices steadied on Wednesday after falling at the start of the session, with the potential for damage to the global economy and fuel demand from the intensifying China-US trade dispute continuing to cast a shadow over the market.

Brent crude futures LCOc1 were down $2.38, or 4%, at $56.56 a barrel by 10:36 a.m. CDT (1536 GMT), setting a fresh seven-month low.

Tensions ramped up over the past week as President Trump communicated his intent to impose 10 percent tariffs on the remaining $300 billion worth of goods coming into the USA from China.

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

US President Donald Trump on Tuesday dismissed fears the trade row with China could be drawn out.

He added that with current low crude prices, investment has "probably been reduced, and supply will balance the market a little bit". The forecast of stable crude oil prices is the result of EIA's expectations of a relatively balanced global oil market.

In its current Short Term Energy Outlook, the U.S. Energy Information Administration anticipates a narrower differential between Brent and WTI crude prices for the rest of the year and into 2020.

More news: Nintendo, Microsoft and Sony agree to show you loot box odds

Over the past four weeks, crude oil imports averaged about 6.92 million b/d, down by 1.21 million b/d year-on-year, while crude oil exports averaged about 2.57 million b/d, up by about 740,000 b/d year-on-year.

Elsewhere, data indicating a larger-than-expected drop in United States crude stocks offered some support to oil prices.

The U.S. also responded to a decline in China's yuan currency Monday by branding China a currency manipulator, with Beijing then accusing the U.S. of causing chaos in financial markets.

Meanwhile, Saudi Arabia Energy Minister Khalid Al-Falih and US Energy Secretary Rick Perry on Tuesday said both sides expressed concern over threats targeting freedom of maritime traffic in the Arabian Gulf as they met in Washington.

"We believe the oil market is starting to price in the fear of a severe and multi-year breakdown in U.S". The narrowing spread reflects EIA's assumption that crude oil pipeline transportation constraints from the Permian Basin to refineries and export terminals on the U.S. Gulf Coast will ease in the coming months.

In the middle of July, the possibility of an imminent Fed rate cut and the flaring-up of the Iran-West tensions in the Middle East and the world's most important oil shipping lane, the Strait of Hormuz, resulted in hedge funds buying petroleum futures at the fastest pace in almost a year in the week to July 16, according to exchange data compiled by Kemp.

Related News:



Most liked

DPRK Missiles Respond to US - South Korean Exercises
North Korea has routinely condemned the military exercises as a rehearsal for invading the Hermit Kingdom. But the mood has soured, with North Korea warning that plans for U.S.

Arsenal reach agreement with Chelsea for David Luiz
Luiz is said to be hopeful of getting regular football at the Emirates Stadium, something he could not guarantee at Chelsea. Tomori could be loaned out , Rudiger is currently out with an injury and David Luiz is now looking to leave the Blues.

Xiaomi and Samsung Tease Upcoming Smartphone with 108MP Image Sensor
Recently, Xiaomi confirmed that the upcoming Redmi smartphone will be powered by the latest MediaTek processor aimed at gamers. Xiaomi's 100MP camera phone is a mystery, even though the company mentioned it in a Weibo post on Tuesday.

Philippe Coutinho rejects Tottenham loan move from Barcelona
Coutinho played under Pochettino at Espanyol during a six-month loan in 2012 where he scored five goals in 16 appearances. It was also explained there were other unnamed Premier League clubs believed to be interested in the Barcelona player.

Irish finance minister: 'Brexit deal still possible' - BBC Newsnight
MailOnline understands that the meeting with Trump came during the Foreign Secretary's sit down with Mr Pence at the White House. Mr Trump has also voiced enthusiasm for a pact, saying it could boost trade between the countries by a multiple of five.

Stocks drop as bond surge warns of looming recession
The price of oil tanked and the price of gold shot up to its highest level in six years as traders sought safe-haven holdings. Those concerns have grown as the conflict heated from a simmer to a boil last week, even as both sides resumed negotiations.

El Paso shooting shines light on 8chan, a racist troll haven
The shooter in the El Paso, Texas incident reportedly posted a racist, hateful manifesto to 8chan before carrying out his attack. But hours later, an 8chan administrator said the service, which does not moderate content, was migrating to BitMitigate.

Lightning strike causes Florida home's toilet to explode
No one was hurt, but the Wards still have a lot of cleaning up to do. "Most likely all sewer piping will need to be replaced". A-1 Affordable Plumbing officials said lightning struck near the house's septic tank, causing the toilet to explode.

LG teases triple-screen smartphone
In addition, the second-gen Display Screen case will also feature a small outer display for notifications, time and date. A little short of 6 months ago we watched as LG officially announced the LG V50 ThinQ smartphone.

Amara the Siren is the third Vault Hunter in Borderlands 3
As part of IGN First's month-long coverage on the game, we get to see Claptrap give some exposition regarding what's happening. For the actual shooting, it starts around the 5:30 mark if you want to skip to that part of the gameplay.

Scattered rain expected for next several days — FIRST ALERT FORECAST
This area of high pressure will stick around through the weekend into early next week with pleasant weather expected. Follow him on Facebook or Twitter for the latest forecast and realtime weather updates.

Romelu Lukaku increasingly likely to join Inter Milan from Manchester United
Lukaku was understandably unhappy but instead of staying professional, he chose to training with the Belgian side instead. The former Everton forward was asked to explain his absence on Wednesday and is set to be fined for missing training.

Antonio Brown's Foot Injury Caused By 'Cryogenic Chamber Mishap'
Brown's agent, Drew Rosenhaus, did not respond to ProFootballTalk's request for comment. He began on the non-football injury list with what was first reported to be sore feet.

Mexico Demands Legal Action to Protect Mexicans in US
Marcela Orizco and her boyfriend Armando Celis of Albuquerque stop to rest in downtown El Paso on Monday. Ebard announced that he will be meeting with victims and offer the government's support.

You can get Disney+, ESPN+ and Hulu together for really cheap
That's a lot cheaper than the $16-$17 price range for HBO Max , and happens to be the same price as Netflix's standard plan. The main takeaway though, as usual, was that Disney has its fingers in everything, and that's not changing for a long time.