But a cooling global economy and the U.S-China trade dispute are putting a brake on fuel demand, so even if global producers decide to cut output further, they may struggle to revive prices.
On Tuesday's (August 6th) market wrap-up, United Kingdom crude was slumped 2.40 percent to settle at almost seven-month lows to $58.60 per barrel, while US West-Texas Intermediate crude futures was knocked down 2.87 percent to $53.60 a barrel on Tuesday's (August 6th) market wind down. It has lost more than 20 per cent since hitting its 2019 peak in April.
Global financial markets have been rocked over the previous week after U.S. President Donald Trump stated he would impose 10% tariffs on extra Chinese items starting September and as a fall within the Chinese yuan sparked fears of a currency war.
Oil fell early on worries about the trade war, then extended losses after US government data showed a build of 2.4 million barrels in USA stockpiles instead of the 2.8 million draw analysts had expected.
Realme 5 To Feature 64MP Quad Camera Setup: Expected To Launch Soon
According to the images, the new camera will provide clearer images and better details when the photo is cropped/zoomed. Nothing about the event is revealed, beyond the 64MP main camera and the quad-camera setup, on a silhouette of a phone.
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American troops are stationed in northeast Syria, along with the Kurdish forces, and have fought the Islamic State group together. The rebel-held bastion of Idlib, the last major opposition stronghold in Syria, is now home to about three million people.
Huawei just announced HarmonyOS, its answer to Android
This means Huawei devices will presumably be treated to improved notifications, refined permissions and new gesture navigations. Yu told German newspaper Die Welt in an interview published in March that creating their own operating system was "Plan B".
Trump on Tuesday dismissed fears that the trade row with China could be drawn out further. US crude oil inventories are about 2% above the five-year average for this time of year. His comments failed to prevent shares in Asia from falling for an eighth straight session while London's FTSE 100 .FTSE gained 0.4%.
"The (oil market) fundamentals are good, especially on the supply side, due to a combination of strong OPEC+ overcompliance, and a lower than previously expected USA outlook", the official said. "Crude oil inventories were disappointing and the stock market is in worrisome territory".
The minister said the OPEC and non-OPEC ministerial monitoring committee would meet in Abu Dhabi on September 12 to review the oil market.
Tensions in the Middle East remain high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.
The 2019 budget, which was signed by President Muhammadu Buhari in May, was based on oil production of 2.3 million bpd (including condensates) with an oil benchmark price of $60 per barrel.
Saudi Energy Minister Khalid al-Falih and U.S. Energy Secretary Rick Perry on Tuesday expressed mutual concern over threats targeting freedom of maritime traffic in the Gulf.