Oil steadies to trade higher after losses Oil&Gas 09:55

Oil Ticks Up to End a Volatile Week

Oil prices decline amid rising output

"There are certainly worries about protectionism and its potential economic impact, but we also have to remember that the stimulus from tax cuts dwarfs the tax hit from higher tariffs", he said in a Friday report.

Alongside Russia, OPEC kingpin Saudi Arabia and other members of the Middle-East dominated oil cartel agreed in late June to begin increasing production by up to 1 million barrels per day starting in August.

Brent crude, the global benchmark, was up 0.2% at $73.61 a barrel on London's Intercontinental Exchange.

U.S. West Texas Intermediate (WTI) crude CLc1 futures increased by 6 cents, or 0.1 percent, to $67.72 a barrel.

"Crude is holding up with the perspective of reduced Iranian output, but at the same time weighed down by indications of increased OPEC and Russian production for July", Harry Tchilinguirian, senior oil analyst at BNP Paribas said.

Venezuelan leaders in Miami warn of attacks by Maduro against opposition
Arreaza thanked the solidarity shown by various governments and organizations in rejection of the attack against the president. Bolton noted that Maduro has a history of baselessly blaming Santos and the USA for incidents in Venezuela.

"Trade volume is pretty low in futures today".

South Korea's imports of USA crude jumped more than fourfold to 14.1 million barrels in the first half of the year from a year ago, according to data from state-run Korea National Oil Corp.

"South Korean refiners are turning to USA crude because of Iran sanctions".

The oil market is set to tighten further before the end of this year - a sign that OPEC's early response to boost supply may not be enough to offset a significant (possibly 1 million bpd barrel) loss of crude oil supply from Iran, Helima Croft, RBC Capital Markets global head of commodity strategy, told CNBC on Friday. China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.

USA officials told Reuters on Wednesday that they believe Iran is preparing to carry out a major exercise in the Gulf, apparently moving up the timing due to heightened tensions.

As sanctions bite, where next for Trump's Iran strategy
Fars also reported Saturday that a man taking part in a protest in the northern province of Alborz was fatally shot on Friday. On Tuesday and Wednesday, about 200 people demonstrated in the city of Karaj, west of Tehran, IRNA reported.

US President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.

Hedge funds and other money managers cut their bullish US crude bets in the latest week, as oil prices were range-bound, pinned between concerns about tight supply due to sanctions and fears that trade disputes could curb demand.

Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports and China has said it will retaliate.

"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". That's compared with a forecast for a 3-million-barrel decline in a Bloomberg survey of analysts.

Jurgen Klopp suggests Liverpool transfer activity may not be over
Alisson wore the No. 13 shirt for Liverpool but his official squad number is yet to be confirmed for the forthcoming campaign. Liverpool have one more friendly fixture to take in before competitive action resumes, against Torino on Tuesday.

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