Oil traded near the lowest level in a month after a bigger-than-expected gain in American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over a missing critic of the kingdom. Futures in New York fell 0.8 percent, after plunging 3 percent Wednesday. U.S. crude inventories rose 6.49 million barrels last week, the Energy Information Administration reported, more than twice the amount forecast in a Bloomberg survey. Even as the disappearance of dissident writer Jamal Khashoggi kept the market on edge, President Donald Trump cautioned against putting the entire U.S.-Saudi relationship at risk. Crude stockpiles in the U.S. have risen for four straight weeks in the longest run of gains since early 2017. Inventories in the storage hub of Cushing, Oklahoma, also increased by about 1.8 million barrels last week to more than 28 million barrels, the highest level in almost four months. Click read more below for additional detail.
Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market remained supported by falling U.S. crude inventories and the introduction of sanctions against Iran.
Shipments into the world’s biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million barrels per day, rising from 8.18 million bpd a year earlier and just up on June’s 8.36 million bpd, customs data showed.
Markets remained supported by the introduction on Tuesday of new U.S. sanctions against Iran, which initially target Iran’s purchases of U.S. dollars – in which oil is traded – as well as metals trading, coal, industrial software and its auto sector.
more at source: https://www.reuters.com/article/us-global-oil/oil-prices-steady-on-falling-u-s-crude-stocks-iran-sanctions-idUSKBN1KT01F