Crude supply, stock markets, US-China trade war in focus

Brent oil prices dipped on Tuesday, weighed down by global prices in global markets and by signs of rising global supply despite looming sanctions on Iran's crude exports.

Front-month Brent crude oil futures were at $ 77.05 a barrel at 0428 GMT, down 29 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were firmer, however, at $ 67.16 a barrel, up 12 from their last settlement.

This article is not available in English, but has not been translated into English. $ 257 billion worth of tariffs between the world's two largest economies.

High energy prices are being demanded, the executive director of the International Energy Agency (IEA) said on Tuesday.

"There are two downward pressures on global demand growth." "The second one is global economic growth momentum slowing down," said IEA chief Fatih Birol.

Oil was also weighed down by the signs of rising supply of top producers.

"A Saudi pledge to produce as much oil as possible, and the stock market rout," said Ole Hansen, head of commodity strategy at Saxo Bank.

Russia has also said it will provide enough oil to meet demand U.S. sanctions hit Iran from next week.

In a sign that oil supplies remains ample despite the looming US sanctions against Iran's petroleum exports, the world's top producers, Russia, the United States and Saudi Arabia, reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.

That's an increase of 10 million bpd since the start of the decade and the third quarter.

Hedge fund managers continued to liquidate bullish positions in oil last week, with signs of short-selling appearing for the first time in over a year.

Despite that, Hansen said "Given the yet unknown impact on Iran's ability to produce and export (amid sanctions) … we could see some speculative buying emerge ahead of Nov. 4."

Iran's seaborne crude exports, by contrast, have fallen from a 2018-peak of just over 2.5 million bpd in May to around 1.5 million bpd in September and October, Eikon data showed.