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SINGAPORE (Reuters) – Oil prices fell more than 1 percent on Monday, as the supply of Saudi's largest exporters rose and signs of an economic slowdown in Asia began to dampen prices. prospects of demand.
Brent crude futures were valued at $ 78.16 per barrel at 0316 GMT, down $ 1.07 or 1.35% from their last close.
West Texas Intermediate crude futures fell by 94 cents, or 1.3 percent, to $ 73.21 a barrel after rising more than 8 percent last week.
President Donald Trump wrote Saturday in a tweet that Saudi King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later came back on the president's comments, saying his country could increase oil production if needed.
Saudi Arabia's production is up 700,000 barrels per day (bpd) since May. and close to its record of 10.72 million bpd in November 2016, largely offsetting disturbances elsewhere in the Organization of Petroleum Exporting Countries (OPEC).
Voluntary supply cuts by OPEC and some non-OPEC suppliers like Russia have hardened the world. oil markets since 2017, and Canada's unplanned disruptions to Venezuela and Libya, as well as new US sanctions against Iran's top exporter, have raised concerns about supply shortages.
AHEAD DISORDER
remain tense because of escalating trade disputes between the United States and other major economies, including China, the European Union, the United States, and the United States. India and Canada.
The trade war and falling badet prices raise the question of how much tariffs could hurt the global economy, said US bank JP Morgan
a "medium-intensity conflict" ( likely to reduce global economic growth ".
Asia's main economic hub around China, Japan, and South Korea saw a slowdown in export orders in June in a context of growing trade conflict with the United States. United States.
Trump warned his close American allies in an interview broadcast Sunday with the threat of sanctioning European companies doing business with Iran.
"The Trump administration's plan for sanctions against Iran is now very clear: they seek to push Iranian exports of crude, condensate and petroleum products." together, 2.4 to 2.7 million bpd of Iranian crude / condensate are threatened by the end of the year … We must all prepare for potentially significant future price volatility, he added. "FGE added."
(Reportage by Henning Gloystein in SINGAPORE, additional report by Osamu Tsukimori in TOKYO, edited by Richard Pullin and Joseph Radford)
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