Global oil rises after surprise fall in U.S. crude inventories

Global oil rises after surprise fall in U.S. crude inventories

Brent crude oil futures shed $1.31 or 1.8%, at $69.93 a barrel.

Amidst the growing trade tension between the United States and China, while global markets are suffering, this has turned out to be good for gold.

U.S. crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said.

Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels.

"The market is taking no notice of increased sanctions against Iran" or the "harsh" warning that U.S. National Security Adviser John Bolton made against any potential military action by Tehran, he said. The move came after China backtracked on a wide range of core USA demands, Reuters reported on Wednesday.

"Based on such requests, Saudi oil production for the month of June is expected to remain below its OPEC+ commitment, while exports will also stay under 7 million barrels per day".

Beyond Iran, Washington has also placed sanctions on the Venezuelan government under President Nicolas Maduro, disrupting supplies from the country, a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

United States President Donald Trump on Sunday announced he would hike tariffs on $200 billion worth of Chinese goods this week.

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Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday.

U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per barrel.

Iran and the Group 5+1 (Russia, China, US, Britain, France, and Germany) on July 14, 2015, reached a conclusion over the text of the JCPOA.

According to a report released on Wednesday by the Chinese General Administration of Customs, China's crude oil imports in April rose to a record for the month of 10.64 million barrels per day (bpd).

Crude stocks at the Cushing, Oklahoma, delivery hub for USA crude futures rose by 821,000 barrels, the EIA said.

The United States, which past year withdrew from a 2015 Iran nuclear deal with world powers, has told buyers of Iranian oil to stop purchases by May 1 or face sanctions.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold backed exchange, were at their lowest since October 11.

According to the official, more than 130 million barrels of oil were exported from Iran's offshore fields in the fiscal year that ended March 20.

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