Trump or cheap Iran oil: Dilemma facing fastest growing user

Oil recovers in Asia trade after slumping to 3-month lows

Oil recovers in Asia trade after slumping to 3-month lows

Oil prices fell on Thursday after official data showed an unexpected rise in U.S. crude stockpiles, U.S. output hit a record high and major oil exporters increased production.

The West Texas Intermediate (WTI) for August delivery added 0.68 USA dollar to settle at 68.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 0.74 dollar to close at 72.90 dollars a barrel on the London ICE Futures Exchange.

US WTI traded at $67.07, while Brent crude was trading down at $72.33.

After the US pulled back from the 2015 Iran Nuclear Deal, US warned other nations including Japan to cease oil imports from Iran. Yet, the comeback in prices was mainly due to extremely strong gasoline and distillate demand plus reports of an unscheduled teleconference meeting with "The Joint Ministerial Monitoring Committee" (JMMC) that was set up with OPEC and Non-OPEC Russia to make sure that there was strong compliance to their oil production cut agreement.

Although both crude benchmarks had climbed 1 percent on Wednesday, with other EIA data showing USA gasoline stockpiles fell along with supplies of distillate fuels.

Trade tension between the US and China could drag on the global economy, BMI Research said. We are fighting outside forces with the rising dollar and fears about the longer-term impact of a trade war.

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US gasoline days of supply stood at 24.40 days last week, just shy of the highest on record for this time of year, EIA data showed. "Escalating trade tensions between the USA and China will also be conducive to more US oil coming to the Indian market". Total commercial petroleum inventories increased by 6.0 million barrels last week.

U.S. President Donald Trump has hardened his stance toward Iran and withdrawn his country from an worldwide nuclear weapons agreement.

Oil prices reversed course after selling off hard on a shocking 5.836-million-barrel increase in USA crude supply. U.S. Administration is actively considering releasing part of the 660-million-barrel SPR, with options ranging from a test sale of 5 million barrels to a release of as much as 30 million barrels, and even higher if coordinated with other countries.

News Wednesday of strong United States demand for gasoline and distillates gave the price only a brief boost.

Oil has lost about 7% this month over concern an escalating trade conflict between the United States and China could jeopardise global economic growth and energy demand. The country has added almost 1-million barrels a day in production since November, thanks to rapid increases in shale drilling.

According to the statement on Thursday from the Energy Ministry, which cited Saudi Arabia's liaison to OPEC Adeeb Al-Aama, exports for this month as a whole will be in line with June's levels, and will decline by 100,000 barrels a day in August.

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