Crude Flat as China Tariffs Targets US Oil Products

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This is according to the OPEC revenues fact sheet report, published by the US Energy Information Administration (EIA) on Tuesday. The West Texas Intermediate futures for September delivery was up by 1.2% to $67.22 per barrel. “Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs.”.

A weaker US dollar makes oil, which is priced in dollars, less expensive for buyers in other currencies.

Brent crude futures rose $2.15, or 3 percent, to settle at $74.78 a barrel.

OPEC stated: "The price of OPEC basket of 15 crudes stood at $70.27 a barrel on Friday, compared with $69.47 the previous day, according to OPEC Secretariat calculations".

As the result of these sanctions, Iranian oil exports are forecast to fall by between 700,000 to 1 million barrels per day, a range consistent with the 2011 sanctions, when Iranian exports fell by 900,000 barrels per day.

Oil prices dipped last Friday, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.

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Negative pressure on the price of oil could emerge from decisions by the office of the U.S. Trade Representative, which has scheduled hearings this week on additional trade pressure on China.

That notion has quickly taken a back seat to the familiar worry that market demand may actually wan due to the escalating trade war between the USA, and China, the latest development of which saw the imposition on Thursday of 25 percent tariffs on $16 billion worth of each other's goods; both countries have now imposed tariffs on a combined $100 billion of products since early July, and Washington still has a list of another $200 billion worth of Chinese imports that could face duties.

"The Iran issue continues to occupy traders' minds", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The American Petroleum Institute reported U.S. crude stocks fell last week by 5.2 million barrels, more than three times the decline analysts expected.

Worldwide markets were more cautious as the ongoing trade spat between the United States and China was seen as a drag on economic growth, traders said.

USA and Chinese officials were set to resume talks on Wednesday, but Trump said he expected there will be no real progress.

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