Oil mixed on Canadian supply outage, Saudi output hike

Crude Oil

Refiners in China were the top buyers of American crude oil in May, and have been regular importers since the USA revived domestic output and exports in recent years.

But Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have little spare capacity and oil demand has risen faster than supply over the past year.

FGE said the USA government may grant some waivers to allies that are particularly reliant on Iranian supplies, and that some Iranian oil would also be smuggled into markets.

Trump's trade war with China - which like the Iran conflict was predicated on the not entirely inaccurate argument that the US was getting the short end of the stick with regards to business relations - is another example in which pundits are predicting rough road ahead, despite compelling arguments from minority voices that the dispute will eventually resolve in the Americans' favour.

India is likely to benefit from increased supplies of crude oil from the United States as U.S. oil producers look for new markets as they brace for a trade war with China that could curb USA shipments, says a report.

The futures on US WTI oil with delivery in August rose by 0.49% to 74.16 United States dollars per barrel, while the Brent variety increased by 0.61% to 77.58 USD per barrel.

Beijing has threatened a 25 percent tariff on USA crude imports, although it has not specified an introduction date.

Concerns that oil prices will be weighed down by a trade conflict between the US and China have faded to some extent, analysts said.

"Things will get worse before they get better on trade... between the USA and China", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Iran executes eight men over last year's terror attacks in Tehran
Iran was targeted for supporting Iraqi and Syrian authorities in their fight against IS and other jihadist groups. Recall that in the aftermath of the attacks in June 2017, has killed at least 17 people, wounding more than 40.

Looming larger over markets is the escalating U.S./China trade dispute.

USA markets also garnered support from a government employment report showing better-than-expected growth in jobs.

Earlier this month, Reuters also reported that South Korea had upped crude oil imports from Kazakhstan, already looking for alternative supplies as the November 4 deadline for the sanctions draws nearer.

The potential trade war between the United States and China comes amid a tight oil market.

Venezuela is expected to lose another 400,000 bpd by year-end with production going to below 1 million bpd.

Energy consultancy FGE warned on Friday of looming supply shortages due to United States sanctions against Iran, and because of disruptions elsewhere.

U.S. West Texas Intermediate (WTI) crude futures rose 0.37 percent, to $74.07 a barrel, Brent crude futures were changing hands at $77.44 per barrel, up 0.43 percent, according to Interfax.

"Iran's exports are some 2.7-million barrels a day, including condensate", it noted.

In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.

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