Oil slips as U.S. crude stockpiles show surprise build

Oil slips as U.S. crude stockpiles show surprise build

Oil slips as U.S. crude stockpiles show surprise build

Brent crude futures lost 85 U.S. cents to settle at US$77.39 a barrel.

USA crude slipped 2 cents to $72.92. Of course, the policies coming from Washington always had an impact on where oil prices were headed, but it's a brand-new thing to have the White House's twitter feed as a regular source of risk for positions in oil and oil stocks.

Donald Trump has insulted OPEC member states by ordering the organization to reduce prices, the Iranian oil minister stated, responding to the U.S. leader's recent criticism of OPEC for keeping oil prices artificially high.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to U.S. sanctions.

"The more that Saudi Arabia adds to the market, the less of a supply cushion we have - that's a bullish twist to a bearish development", said Yawger at Mizuho. The contract added 20 cents on Tuesday, and there was no settlement Wednesday due to the USA holiday.

Yuan-denominated futures were little changed at 497.6 yuan a barrel on the Shanghai International Energy Exchange, after losing 1.4 per cent yesterday.

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According to analysts, escalating tensions between China and the US, with the two largest economies in the world implementing tariffs $34 billion on their respective imports and the threat of more action, could weigh on crude prices and soften demand expectations. The American Petroleum Institute, an industry body, was said to report that stockpiles fell by 4.51 million barrels. This must be a two way street.

"Mr Trump sends every day a new message that creates uncertainty in the market", Iranian Oil Minister Bijan Zanganeh said in an interview with state television.

Meanwhile, China's commerce ministry said on Thursday the United States is "opening fire on the entire world", warning that Washington's proposed tariffs on Chinese goods will hit global supply chains. Brent crude lost 38 cents to $77.84 a barrel.

NEW YORK, July 5 (Reuters) - Oil was mixed on Thursday, with USA crude slipping and Brent futures little changed after data showed an unexpected build in US crude oil stockpiles.

"We will use a bartering system to exchange oil for goods".

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