Introduction 1 – Oil drops by more than 1% due to the increase in supply and the trade war

(To update the settlement prices with the source change)

NEW YORK, Oct. 30 (Reuters) – Oil prices tumbled more than 1 percent on Tuesday as signs of overproduction and worries that global economic growth and fuel demand could be negatively affected by the US trade war -chinoise.

Futures contracts on Brent were $ 1.43, or 1.85%, at $ 75.91 per barrel.

US WTI futures fell 86 cents (1.28%) to $ 66.18 per barrel.

Earlier in the session, Brent hit a low of $ 75.09 a barrel, its lowest level since August 24. US crude fell to $ 65.33 per barrel, its lowest level since August 17.

Crude oil dropped about $ 10 from its highest level in four years, reaching the first week of October.

Prices were hit by US stock increase forecasts for the sixth consecutive week, with Saudi Arabia and Russia hinting at a possible increase in production.

The United States has imposed tariffs of $ 250 billion on Chinese products, to which China has imposed a charge of $ 110 billion.

US President Donald Trump said Monday that he thought there would be a "good deal" with China on trade, but warned that he was ready to impose new tariffs on goods Chinese billions of dollars unless an agreement can be reached.

Reventiv Ekon data indicate that oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day for the first time in September.

This implies an increase of 10 million barrels per day (bpd) from the beginning of the decade, which means that the three producers alone account for one-third of the world's current demand for crude oil.

(Prepared by Abdel Moneim Darar for publication in Arabic)