Markets

Oil Falls on Renewed Trade War Worries

Oil Falls on Renewed Trade War Worries

U.S. West Texas Intermediate crude for May delivery was down 4 cents at $63.33 a barrel.

Brent hit a session low of $66.69 and USA crude slumped as low as $62.06.

Innes said prices were also supported by a weekly report that there was a drop in activity of drilling for new oil production in the United States.

US crude stocks fell last week as refineries hiked output, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.

NEW YORK, April 5 (Reuters) - Oil prices rose on Thursday, helped by gains in US equities markets and Saudi Arabia's unexpected hike in crude prices, though crude's advance was curbed by strength in the dollar.

The dollar index, which measures the greenback against six major peers, increased 0.36 percent at 90.468 in late trading.

On Tuesday, the Office of the U.S. Trade Representative (USTR) published a proposed list of products imported from China that could be subject to additional tariffs, "as part of the U.S. response to China's unfair trade practices related to the forced transfer of U.S. technology and intellectual property".

Khabib Nurmagomedov left unimpressed by Conor McGregor's antics
White also said this week he did not expect McGregor to attend Saturday's fights. The bout with Alvarez represents McGregor's last UFC fight.

Prices were also helped by a turnaround in the US stock market.

"Supported by a 4.617 million barrel weekly crude oil draw across the USA, a solid upturn in equities encouraged buyers in WTI", said Anthony Headrick, energy market analyst and commodity futures broker at CHS Hedging LLC in Inver Grove Heights, Minnesota.

Oil has risen from a multi-year low near $27 a barrel in January 2016, helped by production cuts led by OPEC and Russian Federation, which began in 2017 in order to rein in over-supply and prop up prices.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.7 million barrels, EIA said.

OPEC's second largest producer Iraq, has consistently pumped above the quota agreed with the cartel in the deal to cut production struck in 2016.

Oil has also received support after a Reuters survey showed on Wednesday that OPEC output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan production.


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