Brent crude futures LCOc1 were down 45 cents, or 0.6 percent, at $76.44 a barrel by 0140 GMT. -China trade war on the global economy and on geopolitical concerns.
However, there is an important distinction when it comes to Saudi Arabia.
The Wall Street Journal reports that China is cutting some of its oil trade with Iran after vowing for months to resist US sanctions on the exports, providing Washington with an unexpected boost to its efforts to isolate the Islamic Republic.
Amid this slump, it also didn't help that the biggest oil producer in the Organisation of Petroleum Exporting Countries (OPEC) Saudi Arabia cautioned that there could be an abundance of supply in the following days.
Crude prices are being. The global benchmark marked a weekly loss of about 2.7 per cent and is down about $10 in three weeks. The minister's remarks are somewhat surprising as they come amid worry about loss of supply from Iran once US sanctions enter effect next month.
The great fear of a shortage of global crude is subsiding as Saudi Arabia warned this week that we're in danger of having to manage a surplus.
Four Jaguars players arrested in London after nightclub incident
The Jaguars issued a statement confirming earlier reports that the players had been detained "over restitution of a bill".
[LIVE-TV]Boston Red Sox vs Los Angeles Dodgers Live Stream
Madson allowed all three of those to score as well in a Red Sox fifth inning that turned a 2-1 deficit to a 4-2 lead. Red Sox lefty David Price worked around a two-out walk and got Manny Machado on a popup to end the opening inning.
14 children attacked at Chinese kindergarten
The attack took place early Friday morning at the Xinshiji Kindergarten in the western city of Chongqing , according to the AP. Videos circulating on social media show injured children being led out of the school, some with knife wounds on their faces.
Mohammadbagher Forough, a research associate at the Clingendael Institute and assistant professor of International Relations at Leiden University explained to Qantara.de that the US sanctions against Iran are a flawless economic and energy opportunity for China for three reasons. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.
Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth.
US light crude CLc1 was unchanged at $66.82 after touching an intraday low of $65.99, down 83 cents.
US commercial crude oil stockpiles rose for a fifth consecutive week last week, increasing by 6.3 million barrels to 422.79 million barrels, the Energy Information Administration said on Wednesday. Reuters reported earlier that the companies made no bookings for November-loading Iranian oil. At long term with sufficient oil supply by major oil exporter Iran's role in world oil market may decrease, Iran needs to keep its share in regional and world oil market. Also this week, commodities were hit by a USA stock sell-off as risk aversion spread through financial markets.