Oil dips in nervous trading as U.S.-China trade war looms

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

On Wednesday he tweeted that OPEC is "doing little to help", adding that, "if anything, they are driving prices higher". If anything, they are driving prices higher as the US defends many of their members for very little $'s. "This must be a two way street, REDUCE PRICING NOW!" The bank said that US efforts to block Iran from exporting oil would make it hard for OPEC to meet supply demands, forcing prices to rise.

Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.

OPEC and its allies agreed earlier this month to a modest increase in output to dampen the oil price rally, which hit a 3-1/2 year high.

But while some have interpreted the Saudi move as a traditional Saudi card to always scramble to soothe American frustration and oblige to USA demands, other reports have suggested that Riyadh's move is the result of deep political calculations: step in to stabilize oil prices and compel the United States to adopt tougher measures on Iran. On Wednesday, he accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.

In recent days, Trump has tweeted several times about global oil markets, complaining that prices are now too high, and insisting that major producers within OPEC increase production in order to bring those prices down.

Brent, the worldwide benchmark, shed 0.5% to $77.77 a barrel. Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said.

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US crude stockpiles rose 1.3-million barrels last week, according to data from the US Energy Information Administration (EIA), against analysts' expectations of a 3.5-million-barrel decline.

Responding to Trump's demands, Ardebili argued that the U.S.is to blame for imposing sanctions on OPEC members.

The inventory report also showed an increase in imports, which "provided some relief.and showed that even with the Syncrude situation, all is not lost", Kilduff said.

Despite these measures, Goldman Sachs said in a July 4 note to clients that "the market will remain in deficit" in the second half of the year.

Yesterday, the deputy commander of the Sarollah Revolutionary Guards in Tehran warned that any attempt to undermine Iran's oil exports will lead to the closing of the Strait of Hormuz-a narrow waterway vital to oil distribution in the Persian Gulf region.

Traders said supply disruptions could be short-lived as Opec and allied producers ramp up output.

Refineries purchase oil on the futures market for production, and what they pay influences what gasoline distributors pay and what retail gas stations charge consumers.

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