Brent oil gains $1 to claw back some losses

GREAT AGAIN: US to Become World's TOP OIL PRODUCER by 2019

Due to higher USA oil production, however, higher prices are not necessarily a net loss for the US economy. However, Iran exports might squeeze further if United States takes more aggressive stance on sanctions, they said.

The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.

The report boosted hopes of rise in oil supplies in coming days, even as data released by United States suggested that crude oil stockpiles fell by more than 12 million barrels last week. This was the biggest price slide in almost two years.

Shares of oil marketing companies rallied up to 6 per cent in Thursday's trade following a sharp fall in global crude prices on Wednesday.

The specter of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, as trade tensions between the world's two biggest economies intensified.

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"Although there is a long deadline on this, if these tariffs are introduced there will be an impact on global growth and demand", McCarthy said.

The decline in overall inventories was partially due to a fall-off in stocks at the Cushing, Oklahoma, delivery hub for USA crude futures, which were down by 2.1 million barrels. If Libyan production can get back to its high then this will take care of some of the spare capacity concerns. Additionally, at some time in the near future, the Canadian pipeline problem will be fixed and the supply disruption over.

"In spite of the extraordinary draw in crude oil inventories, the market is under pressure after refiners produced a record amount of gasoline this week and in conjunction with a greater than expected build in distillate inventories", said Andrew Lipow, president at Lipow Oil Associates in Houston.

According to the September WTI chart, the trend is down according to the daily chart, putting the market in a position to test $67.99 to $66.81.

The selling pressure intensified as trade tensions between the US and China raised concerns about demand.

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