Oil edges lower as supply concerns return

Oil Ticks Up to End a Volatile Week

"It is nearly certain that China will impose additional duties on oil and refined products imported from the USA if the Trump administration implements additional tariffs on the next tranche of Chinese goods".

Oil prices tanked earlier this week when the USA government reported that US inventories rose 3.8 million barrels in the prior week, against expectations, but rose on Thursday on expectations the stockpile would soon decline again.

Crude oil futures remained relatively stable in European morning trading, following yesterday's rally of more than $1/b, as the market held up against short-term bearish factors that continue to weigh on sentiment. The actual record was a build that surprised the market.

US crude oil refinery inputs averaged 17.48 million barrels per day during last week, which was 195,000 barrels per day higher than the previous week's average.

The kingdom's higher supply, along with that from Nigeria and Iraq, pushed up OPEC's total output by 300,000 barrels a day last month. "In turn, for every 1 million barrels per day imbalance, we see a price impact on Brent of around $17", they added.

Brent prices fell more than 6 percent in June and US crude slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016.

Brent crude futures were up $1 at $73.39 a barrel by 11:36 a.m. EDT (1536 GMT).

England v India: Joe Root breaks silence on Virat Kohli send-off
But, not for the first time, he failed to convert a century into a hundred, although the fault lay as much with Bairstow as Root. He still struggled to read which way Anderson was swinging the ball and the pace bowler found the edge of his bat four times.

USA crude CLc1 was off by 5 cents at $68.91, after gaining almost 2 percent in the previous session. The group's 15 members, which now include Congo, collectively produced 32.6 million barrels per day.

Total motor gasoline inventories decreased by 2.5 million barrels last week, but still about 1.4 percent above the levels of the same week past year.

Market participants await the next fundamental development to drive prices, which is likely to be news of who stopped buying Iranian barrels for August. Total volume traded was about 30 percent below the 100-day average.

Distillate fuel supplied over the last four-week period averaged 3.93 million barrels per day, down by 5.9 percent from the same period previous year.

WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4 percent.

The producer group on June 23 agreed with Russian Federation and nine other allies on a one million bpd output increase to head off any supply shortages emerging from USA sanctions on Iran and Venezuela's continued decline, among other market disruptions.

Traders are also watching rising output from OPEC and its allies following their June accord to increase supply, having faced acute pressure from the U.S. President, Donald Trump, to calm oil prices.

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