Oil Rises as Dollar Declines, Supply Concerns Persist

Oil dips as China-US trade tensions deepen

Oil cartel backs Iran in face of looming US sanctions

"It was a squarely bullish report", said John Kilduff, a partner at Again Capital Management in NY.

Reuters previously reported that Saudi Arabia wants oil to stay between $70 and $80 a barrel for now, as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until US congressional elections.

However, the country's oil exports fell to 7.12 million barrels per day (bpd) last month from 7.24 million bpd, according to figures from the Joint Organizations Data Initiative.

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For example, prices could weaken if China retaliates by cutting off the USA supply chain for raw materials and small components for US made technological devices.

Futures in NY closed 1.8 percent higher last week amid signs that looming USA sanctions on Iran are whittling global supply levels.

President Donald Trump, facing a midterm election in the United States, has called for more production. Concerns over future demand could also be raised if China decides to decline the USA invitation to continue trade talks. Most of the 25 producers in the alliance will attend, according to an OPEC delegate.

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Brent for November settlement advanced 98 cents to $79.03 on the ICE Futures Europe exchange.

The barrel of West Texas Intermediate marched higher toward the $70 mark during the first half of the day but reversed its course in the NA session as the latest trade headlines raised concerns over the potential negative impact of the U.S. - China trade conflict on the world oil demand. The contract climbed 94 cents to $69.85 on Tuesday.

"It will be no easy feat for Saudi Arabia and Russian Federation to balance declining production from Iran and Venezuela", said Abhishek Kumar, senior energy analyst at Interfax Energy in London, Reuters reported. Oil exports from the Persian Gulf nation have plunged about 35 percent since April, the month before Trump exited from the diplomatic deal with Tehran and announced new oil sanctions.

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Bloomberg US news agency reported on Sunday that Iran's oil exports had declined almost to one third since US President Donald Trump announced the reimposition of sanctions on Tehran following his withdrawal from the nuclear weapons deal in May. Trump sent several tweets stating that prices are too high after Brent rose to a three-year high in May. A Bloomberg survey of analysts forecasts a 2.5-million-barrel decline in nationwide inventories.

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