Oil prices fell on Tuesday as renewed doubts over U.S.-China trade talks stoked concerns over global growth, but U.S. sanctions on Iran and Venezuela tightened supply and helped to stem losses. "An escalation in the U.S.-China trade war has brought oil prices under renewed pressure," said Abhishek Kumar, head of Analytics at Interfax Energy in London. "The spat has reinvigorated demand-side concerns, given that the conflict has been adversely impacting prospects for global economic growth." Click Read More below for additional information.
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