Oil up; traders cite industry report of crude build at Cushing

North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May

North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May

Oil prices were down on Friday as the market re-focused on bearish longer term factors following a bounce in the previous session as US crude inventories in a key hub fell to their lowest in almost four years. "This primary US oil hub's inventory now sits at the lowest levels since 2014", he said.

The price for Brent crude oil, the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m. EDT to $72.91 per barrel.

The Organisation of Petroleum Exporting Countries has said that crude oil production has gone up in July as Saudi Arabia pumped more volumes into the global market.

Data released by ClipperData on Wednesday showed July's USA oil deliveries to China fell to roughly 280,000 barrels per day (Bpd), compared to around 480,000 Bpd in June.

Prices of the barrel of the American reference for the sweet light crude oil are grinding lower today, revisiting the mid-$68.00s in the wake of the EIA's weekly report.

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"There's an expectation that the build from this week will be gone next week", said Phil Flynn, an analyst at Price Futures Group in Chicago.

Oil markets have been halting further declines recently after the energy commodity fell too far, too fast on pumped-up production from OPEC, and supply constraints both within the U.S. overseas have seen oil markets quick to buy, implying that bullish oil traders, while sidelined on rising production, are remaining close at hand.

Alongside Russia, OPEC kingpin Saudi Arabia and other members of the Middle-East dominated oil cartel agreed in late June to begin increasing production by up to 1 million barrels per day starting in August.

The US believes Iran is preparing to carry out a major exercise in the Gulf in coming days, apparently moving up the timing of annual drills amid heightened tensions with Washington, US officials told Reuters on Wednesday.

"A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range", said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.

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China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, Kilduff said.

But a complete halt to Iranian supplies looks unlikely with Bloomberg reporting on Friday that China, Iran's biggest customer, has rejected a USA request to cut imports from the OPEC member.

China said it would hit back if the United States takes further steps hindering trade, as the Trump administration considers slapping a 25 percent tariff on $200 billion worth of Chinese goods.

US crude oil exports to China dropped by roughly 42% in July as the appetite for light sweet USA crude declines in the Asian giant ahead of the start of 25% tariffs on USA oil imports, Kallanish Energy learns. The market expected 1.3 million barrels of gasoline draw.

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