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.
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Ross is also the owner of the Miami Dolphins, the Hard Rock Stadium, the Time Warner Center and Hudson Yards. But that wasn't enough for Twitter , where celebrities berated the companies all day.
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New Zealand was being targeted by overseas criminal networks looking to exploit families and communities, he said. Wastewater analysis indicated New Zealanders were using about 16kg of methamphetamine a week, Newman said.
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The Orioles are just 13-53 in their last 66 home games when facing an opponent that has a winning record on the road. Jonathan Villar drove in a run with a triple and scored on a Trey Mancini groundout. "I thought it was pathetic".
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.