"The market's reaction isn't strongly negative because the US administration hasn't actually gone soft on Iran", said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA.
Schork thinks that the crude oil prices are now at a key level of support. "The second one is global economic growth momentum slowing down", said IEA chief Fatih Birol.
London Intercontinental Exchange (ICE) is a London-based options exchange and a leading operator of global exchanges founded in 1982.
Total gasoline inventories decreased by 3.2 million barrels during the week ending October 26, and United States crude oil inventories rose by 3.2 million barrels, according to the EIA's weekly report.
"It's a real risk off, and the same things that are bedeviling the equity market are bedeviling the crude market", he said.
On Thursday, oil prices rose as investors were encouraged by a strong rebound in the US stock markets.
Oil has been under pressure on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular.
Last week, hedge funds and money managers cut their bets that oil prices would keep rising to the lowest level in more than a year, according to Reuters market analyst John Kemp. They fell 1.8 percent on Tuesday, at one point touching their lowest since August 24 at$75.09 a barrel. The last week of October saw crude oil continue to trade bearish owing to firm United States dollars in broad market and bearish equity markets putting pressure on purchasing power of investors from Asia and other emerging markets.
Thus, the cost of the futures on Brent crude rose by 0.63%.
U.S. sanctions on Iran's crude oil exports take effect November 4 and have been part of a bullish argument for crude prices as they would further tighten supply.
There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018, according to reports.
The worldwide oil benchmark, Brent crude, fell by more than two per cent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening United States-China trade dispute.
As Washington hopes to curtail all Iranian oil exports, the market appears to have this priced in. Then as now, traders were trying to determine OPEC and Russia's ability to steer the oil market through a challenging period.
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