WTI crude futures gain 3.07 pct on drop of inventories

China Shipowners Shunning Iranian Oil as U.S. Sanctions Near

Oil Prices Gain on Falling U.S. Inventories

Crude oil price has risen from $72.50 to $74.17per barrel in the worldwide market as a result of limited inventories in the United States and Iran sanctions.

An oil pump jack of Canadian group Vermilion Energy is pictured in Parentis-en-Born, France, October 13, 2017.

Benchmark Brent crude oil was down 35 cents a barrel at US$74.43 by 0935 GMT. US light crude CLc1 was 3 cents lower at $67.83 a barrel.

Crude oil prices are slightly higher today - both WTI and Brent crude are now making gains.

Oil also found support from a weaker dollar, which has slipped this week in response to US President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases.

Traders said the main drags on prices were the darkening economic outlook due to trade tensions between the U. A dispute over opening up the oil and gas sector is weighing on the talks, Bloomberg reported, citing two people familiar with negotiations.

Last week, concerns that global demand for crude oil is weakening forced prices lower.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the US side. Tehran says it has no ambitions to make such a weapon.

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Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year.

The US directive came after withdrawing from the Iran Nuclear Deal in May and reimposing sanctions on Iranian oil exports.

"We expect that by Q4 the market will be dealing with either undersupply, dwindling spare capacity - or both", it added.

The market was surprised by the 5.8 million barrel draw in United States crude stocks reported by the EIA, which was well above the consensus 3.37 million barrel draw indicated by an S&P Global Platts poll of analysts earlier in the week. In the past month, the USA and India have held two rounds of talks, the most recent being on August 16; but clarity eludes both sides.

It will be tough for India to import crude oil from other sources with high import costs in the presence of weak Indian rupee. "The fundamental picture is tighter than it was a year ago".

Iran has become the third-largest oil supplier for India, which imports more than 80 per cent of its energy needs. Changes in the rig count serves as an indicator of future production trends. Over the past 12 months, Exxon stock has traded up about 4%. The three fields contribute about 45,000 to 50,000 bpd to the North Sea's Forties and Brent crude streams. The contract dipped three cents to settle at US$67.83 yesterday.

Oil markets were steady on Friday as the unresolved trade dispute between Washington and Beijing muted activity. The level was the lowest since the week ended June 19.

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