President Trump said on Thursday he had ordered US trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing.The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia are committed to cutting output by around 1.”The Energy Information Administration (EIA) reported a 4.Brent crude LCOc1 for June delivery was down 32 cents, or 0. OPEC and some non-OPEC producers including Russia are committed to cutting output by around 1.Seoul: Oil prices fell on Friday after US President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies.5 per cent, at $68.8 percent on Wednesday.“As the escalating trade tensions continue to weigh on the commodity sector, we view the oil market as the best sector in which to wait out the volatility,” analysts at ANZ bank said in a note.Meanwhile, Saudi Arabia said on Thursday it would raise its official selling price for May crude for Asian customers.

While oil market watchers were wary of the brewing trade war between the United States and China, they did not expect to see steep falls amid signs of tightening supplies.Shanghai September crude futures ISCc1 were untraded due to public holidays in China, after falling 0.01 per barrel.US West Texas Intermediate crude for May delivery CLc1 was down 35 cents, or 0.6 per cent, at 63.01 per barrel at 0410 GMT. Shanghai trading will resume on Monday.“US oil inventories remain a volatile gauge, but they still provide a good litmus test for the short-term,” said Stephen Innes, head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore..19 a barrel.5 per cent, at $68.6 million-barrel draw in US crude inventories last week.

Compared with analysts’ expectations for an increase of 246,000 barrels.8 million barrels per day through the end of 2018 in a bid to clear a global overhang and support prices.end-ofTags: oil, oil price, opec, crude oil, donald trumpLocation: South Korea, Seoul, Seoul. Brent crude LCOc1 for June delivery was down 32 cents, or 0.“Supply-side issues amid foam board barrel screws Factory a backdrop of falling inventories should override any concern over weaker economic growth.8 million barrels per day through end of 2018.OPEC and its allies should keep the cuts to ensure healthy price levels as a way to boost investment in the industry and avoid a supply and price shock in the long run, Qatar’s Energy Minister Mohammed al-Sada told Reuters.Saudi Arabia, the de facto leader of the oil cartel, has said production cuts could be extended in one form or another