Oil prices slip below $74 on US crude inventories, higher Opec production

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Alhajji said, "Unlike the past, US weekly crude oil inventories have become extremely sensitive to U.S.net imports, making short term oil prices more volatile". Growth between the fourth quarter and the first quarter was 0.4 percent, and 0.7 percent between the last two quarters of 2017.

LONDON-Oil prices fell Wednesday morning following news of an unexpected rise in us crude stockpiles. US crude was down 60 cents or 0.87 percent at $68.16 a barrel. Meanwhile, the USA will propose more than doubling its planned tariffs on $200 billion in Chinese imports, according to three people familiar with the internal deliberations.

Crude has declined about 6% this month, as simmering trade tensions between the US and China push prices lower at a time when American shale output continues to surge. "While we have some bearish factors, including rising USA oil production, a trade war between the USA and China isn't drastically escalating, and that sense of relief is supporting prices".

Globally, Brent shed 33 cents, or 0.44 per cent, to Dollars 75.22 a barrel while West Texas Intermediate (WTI) crude oil was down 32 cents, or 0.46 per cent to USD 69.81 a barrel, on the New York Mercantile Exchange. Total volume traded was about 37% below the 100-day average.

Brent futures returned to positive growth last week and increased by nearly 2% after four weeks of decline, while the WTI continued its downward trend. The September Brent contract, which expires on Tuesday, settled at $74.97, up 68 cents, or 0.9 percent. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.

Paris added 0.4 percent and Frankfurt edged 0.1 percent higher.

Manitoba child the province's first human case of West Nile for 2018
The increase in mosquitoes they've identified as being infected with West Nile has come earlier this year than in past years. Previous year in the United States, the West Nile infection was reported in over 2000 patients, causing deaths of 121 people.

Kuwait confirmed on Wednesday it had increased production in July.

Also that day, oil prices fell in tandem with stock markets after the Trump administration slapped tariffs on $200 billion of Chinese goods. "Market participants are awaiting additional tariffs by the USA on the next tranche of imported goods from China". Talks to resolve the dispute had been stalled for weeks, with both sides refusing to budge.

Oil futures extended losses after remarks by Russia's energy minister, Alexander Novak, who said he "did not rule out...an increase in oil production in excess of 1 million barrels a day may be discussed".

In gasoline, the EIA reported a draw in inventories, at 2.5 million barrels, compared with 2.3 million barrels a week earlier.

Russia, Saudi Arabia and other producers last month agreed to boost production last month provided output remained below caps they agreed to in 2016. Not so much anymore.

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