Oil down near $73 on US stocks, Opec supply

Crude Oil Prices Supported by Strikes However Trade Wars to Cap Gains

After yet another surprise report-this time of an inventory build-from the American Petroleum Institute weighed on prices yesterday, the Energy Information Administration confirmed a build, reporting us crude oil inventories had added 3.8 million barrels last week. Given historical data quality issues associated with the API report, there is a chance that we see a conflicting message from upcoming official figures from the US EIA later today.

Manufacturing across Asia slowed in July, deepening concerns about the region's economic outlook as the U.S.

Oil prices were mixed on Monday with USA benchmark WTI nudging higher after four weeks of declines, while Brent began the week lower as the fallout from trade tensions weighed on markets.

Presumably the concerns over Iran won't go away anytime soon, but in a typically hawkish move to act and talk tough first then bargain later, USA president Donald Trump on Monday said he would be willing to meet with Iranian President Hassan Rouhani "anytime they want to", and that "If we could work something out that's meaningful, not the waste of paper that the other deal was, I would certainly be willing to meet" - a reference to the nuclear deal that critics said weighed too heavily in Iran's favour at the expense of USA security and that Trump scrapped earlier this year. "While we have some bearish factors, including rising USA oil production, a trade war between the USA and China isn't drastically escalating, and that sense of relief is supporting prices". The contract dropped $1.37 to $68.76 on Tuesday.

Brent prices also started the week with slight gains on Monday too and reached 74.50 dollars per barrel on ICE Futures Europe but it could not hold at those levels and settled at 73.06 dollars that day. The global benchmark traded at a $4.86 premium to September WTI.

Futures for September delivery climbed 0.8 percent to 514 yuan a barrel on the Shanghai International Energy Exchange. For the 19 countries that use the euro currency, GDP increased 0.3 percent from the second quarter.

An ‘ALF’ Reboot Is Reportedly In The Works
The character also made guest appearances on other TV shows such as Blossom , Hollywood Squares , and The Simpsons , among others. The latest reboot in the works is ALF , the puppet-based '80s sitcom , which TVLine reports is in development at Warner Bros .

Following reports of rising OPEC production in July, crude oil was weak at the outset of the day yesterday.

U.S. tariffs on another $16 billion (13.7 billion euros) of Chinese imports could go into effect in coming weeks, following levies on $34 billion imposed earlier this month, which prompted a tit-for-tat response from Beijing against USA agricultural goods and other.

The market largely overlooked reports that USA and China may restart negotiations to defuse the trade war between the two countries. Talks to resolve the dispute had been stalled for weeks, with both sides refusing to budge.

"It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they can replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran", Hossein Kazempour Ardebili told Reuters.

The US Energy Information Administration predicts lower prices in the months ahead. At the same time, gasoline reserves fell by 791,000 barrels, distillates - increased by 2.9 million barrels. A strike hit production at Total's three oil fields in the North Sea, and concerns remain over Saudi Arabia's suspension of crude shipments through a key Sea transit route following attacks by Yemeni rebels.

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