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Oil prices rose on Friday but were set for a second weekly decline against a backdrop of rising US crude inventories, an ongoing Sino-US trade war, and worries over death. a famous Saudi journalist.
US West Texas Intermediate Crude for October delivery rose 27 cents or 0.4% to $ 68.92 per barrel at 0124 GMT.
London Brent crude in the first month for December delivery rose 34 cents or 0.4% to $ 79.63 a barrel.
The price of US crude fell by 3.5% for the week, while that of Brent was 1.1% lower, suggesting a second consecutive weekly decline.
"The EIA's weekly oil status report was a complete shock, which caused the oil markets to collapse amid worrying developments for oil bulls," said Stephen Innes, APAC Trade Manager at CBSA. OANDA in Singapore.
US crude stocks climbed 6.5 million barrels last week, the fourth consecutive weekly gain, nearly triple the amount estimated by analysts, the US Energy Information Administration announced on Wednesday.
Inventories rose sharply as crude oil production in the United States slid from 300,000 barrels a day to 10.9 million barrels a day last week, due to the temporary shutdown of facilities in the United States. sea following Hurricane Michael.
President Donald Trump said Thursday that he presumed that the defunct Saudi journalist, Jamal Khashoggi, was dead and that the US response to Saudi Arabia would probably be "very severe" but that "it would not be safe for us". he always wanted to get to the bottom of things.
The United States and other Western countries are facing a dilemma as to how to react because of their lucrative trading relationships, including the sale of weapons in Riyadh.
Meanwhile, Iran's oil exports may have risen in October compared with the previous month as buyers rushed to lift more shipments before the impending sanctions imposed by the United States on Nov. 4.
An unprecedented volume of Iranian oil is expected to arrive in the port of Dalian in northeastern China in early November, before the entry into force of US sanctions against Iran, according to a source of oil. 39 Iranian expedition and data concerning Refinitiv Eikon.
Up to now, a total of 22 million barrels of Iranian oil laden on supertanker oil tankers belonging to the National Iranian Tanker Co. (NITC) is expected to arrive in Dalian in October and November, the data showed. Dalian generally receives between 1 and 3 million barrels of Iranian oil each month, according to data dating back to January 2015.
In global markets, Asian equities tumbled on Friday, as world confidence eased, ranging from trade concerns to Italy's 2019 budget, rising US interest rates and worries about growth in China, which led to a fall in Chinese equities during the previous session.
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