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08 August 2018, 08:59 | Kelvin Horton
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Markets also anticipated an announcement from Washington later on Monday on renewed United States sanctions against major oil exporter Iran.
Brent crude futures rose 45 cents to $73.66 a barrel, a 0.6% gain.
The U.S. plans to re-introduce sanctions on Iranian oil on November 4, which could dent the OPEC member's output.
India has booked a total of 9.94 million barrels of crude, about 319,000 barrels per day (bpd), to arrive from the United States this month, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.
Where these trade tensions threaten the volume of China's import of USA crude oil.
An even bigger surprise can come from Washington later today regarding the Iranian sanctions.
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).
"Many countries, including Europeans, disagree with the USA sanctions and are willing to work with Iran", said the official, who asked not to be named. -China trade war weighed as well. China's foreign ministry on Wednesday stated that Beijing will continue its business with Iran as does not violate any UNSC resolution. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $69.30 a barrel, down from am earlier high of $69.83.
Observers have dismissed Trump's call for Saudi Arabia to abruptly increase oil production as political "noise".
An unexpected 200,000 barrel per day (bpd) drop in oil output in July for Saudi Arabiacaused crude futures to rise on Monday - and was accompanied by a wave of renewed fears that prices will spiral upward due to geopolitical tensions.
On the demand side, China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. It shipped out nearly 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand. Nationwide crude inventories as well as supplies stored in the key hub of Cushing, Oklahoma, slipped last week, the American Petroleum Institute was said to report.
In America, customs will begin collecting duties on 279 product lines of Chinese goods as of 23 August, the US Trade Representative's Office said Tuesday. China has proposed to impose retaliatory tariffs on $60 billion worth of USA goods, including Liquefied Natural Gas (LNG), fueling speculation that it could also impose tariffs on oil.
"With global demand remaining healthy and the global heatwave increasing oil demand, I think prices will remain well-supported in the near term", Hussein Sayed, chief market strategist at FXTM, said.
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