Tariff Dispute Threatens China’s Thirst for U.S. Oil

collected by :Frank Ithan

For the American oil industry, which President Donald Trump has declared is entering an era of "energy dominance," an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market. China has been the biggest new buyer of the millions of barrels of oil unlocked by U.S. shale companies from dense rock formations. Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of...

Oil rises as Saudi output dips, U.S. drilling stalls

SINGAPORE (Reuters) - Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. Spot Brent crude oil futures were at $73.42 per barrel at 0653 GMT on Monday, up 21 cents, or 0.3 percent, from their last close. That drop came despite a pledge by the Saudis and top producer Russia in June to raise output from July, with Saudi Arabia pledging a "measurable" supply boost. Sukrit Vijayakar, director of energy consultancy Trifecta, said the escalating trade dispute between the United States and China was also holding back crude prices.

Oil Rises as Industry Group Shows U.S. Crude and Fuel Stock Drop

As it stated in Gasoline supplies seen declining by most since MarchCrude popped after an industry report showed declines in crude, gasoline, distillate and Cushing, Oklahoma stockpiles, indicating strong seasonal demand for U.S. supplies. The global benchmark crude traded at a $4.92 premium to WTI. In the U.S., crude inventories are currently sitting at about 411 million barrels, near the lowest level since February 2015. A U.S. government report is forecast to show a 3 million-barrel decline in commercial crude stockpiles, according to a Bloomberg survey. Meanwhile, distillate inventories dropped 1.32 million barrels and Cushing supplies decreased 808,000 barrels.