"While much attention has been paid to a rising and record pace of USA crude production in contributing to the strong crude supply hike.it is becoming increasingly apparent to us that a softening in demand has also been a major contributor", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
U.S. crude oil inventories shot up by 6.8 million barrels from the previous week, the U.S. Energy Information Administration reported on Wednesday.
U.S. President Donald Trump, in his latest public comments about the trade war, said he would likely decide on more China tariffs at the end of June, which followed his overnight threat to put tariffs on "at least" another $300 billion worth of Chinese goods. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week before.
"But the Kingdom's relationship with Russian Federation extends beyond oil and OPEC+", al-Falih said in the interview.
Libya and Iraq also increased production in recent weeks.
Saudi Arabi, however, boosted its oil production to keep OPEC's commitments to the market by maintaining an overall steady output for the cartel, keeping supplies mostly unaffected.
Ole Hansen, head of commodity strategy at Saxo Bank, said "the tight supply focus (is) switching to increased risk of lower growth and demand", and that "an escalation of the U.S".
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"While we do not believe that the market needs to see cuts extended, we do believe that given the pressure on the flat price that OPEC+ will be forced to extend its deal into the second half of the year", Patterson said.
In contrast, six-month calendar spreads surged deeper into backwardation, implying traders are anxious about undersupply and a further drawdown in stocks.
Producers are concerned that the economic slowdown will reduce fuel consumption.
Spread tightness was concentrated in July-August futures and reflected concerns about availability, while Russia's exports remain disrupted by pipeline contamination and North Sea platforms undergo maintenance. WTI was down $2.19, or 4.1 per cent, at $51.29 a barrel.
-China trade row has had a greater impact on the oil market's narrative, with the clash between the two economic titans sparking global recession worries.
Spot prices and spreads are moving to enforce an adjustment to slower production growth, just as they did in the fourth quarter of 2018. Investors are anxious that it could lead to a slowdown in the global economy, which could result in lower demand for crude oil across countries.
"As long as US tariff issues with China and Mexico remain unresolved and a broad based 5% tariff is placed on Mexico next week, speculative liquidation out of the oil space could be sustained", Jim Ritterbusch of Ritterbusch and Associates said in a note.