Oil prices were down on Friday as the market refocused on bearish longer term factors following a bounce in the previous session as United States crude inventories in a key hub fell to their lowest in almost four years.
Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but US government's data showed a surprise gain in nationwide stockpiles on Wednesday.
The price for Brent crude oil, the global benchmark for the price of oil, was down 1.75 per cent as of 9:20 a.m. EDT to $72.91 per barrel.
Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once US sanctions come into force later this year.
Analysts said widening of positions by participants amid pick up in spot demand against tight stocks position on restricted supplies from overseas markets mainly kept crude palm oil prices higher at futures trade.
It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.
At 1010 GMT, the October ICE Brent crude futures contract was down 10 cents from Thursday's settle at $73.45/b, while the NYMEX WTI September contract edged down 3 cents to $68.93/b.
Analysts said the outlook beyond the short-term was turning bearish.
It produced about 11.21 million barrels per day, an increase of 140,000 from a month earlier, according to Bloomberg calculations based on the ministry's data.
Apple becomes first $1 trillion publicly listed USA firm
During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in NY trading. The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.
Tensions between the US and Iran are also supporting the market, Barratt said.
"A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range", said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.
Overall US crude oil inventories actually rose by 3.8-million barrels last week to 408.74-million barrels, the EIA data showed.
China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, said John Kilduff, partner at Again Capital Management in NY.
US President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.
Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports.
USA crude oil exports averaged 1.31 million barrels per day last week, down by 1.37 million barrels per day from the previous week.
The producer group on June 23 agreed with Russian Federation and nine other allies on a one million bpd output increase to head off any supply shortages emerging from USA sanctions on Iran and Venezuela's continued decline, among other market disruptions.
They said the average cost of a new automobile is $35,000 and attributed part of that to increasing fuel standards. Some of the states poised to join the suit, including Pennsylvania, adhere to California's stricter standards.
LeBron recently spoke about the sneaker auction, and surprised a classroom full of students, while giving a tour of the school. All the students attending the I Promise School are under-performing in reading, math and other essential academic areas.
Rana Kapoor, MD & CEO, Yes Bank: The RBI rate hike is a rational response to the recent acceleration in inflation momentum. It has also been observed that the degree of transmission of the lending rate is more than that of the deposit rates.
The civil defence office of Durango state said the plane landed in a field near the airport for the state capital. Dozens of lightly injured passengers were seen leaving the plane, which was engulfed in gray smoke in a field.
It's unclear at the moment if Shiggy himself will make a cameo in the video or not, but we'll know in a matter of hours if so. Celebrities abound as Drake strolls through the streets of New Orleans in his In My Feelings video .
The case was dropped by police when the woman chose not to pursue charges, but Hyde was suspended three games by Ohio State. When asked about that incident, Meyer claimed at the Big Ten meetings last week, that he was unaware of a 2015 incident.
But plans for other guns have been available for years and it would be nearly impossible to stop them being shared in the future. The publication of the files comes after a three-year legal battle between Defense Distributed and the State Department.
Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. This showed that China was trying to find ways to avoid escalating the trade war , and leave room for negotiation.
There was no immediate Syrian government response to the border clashes reported by Jordan and Syria on Thursday. He said Israeli forces believed they were "on a terrorist mission" and "trying to infiltrate into Israel".
Our crews spent the next 24 hours providing structure defense as the fire devastated the Redding area. As many as 38,000 residents were under evacuation orders at the height of the fire late last week .
Hundreds evacuated in Virginia after dam overflows
Hundreds of people have been evacuated in Virginia after a National Weather Service (NWS ) warning sparked fears of a dam burst. Friday and the weather service warned residents in low-lying areas north of the dam to move to higher ground immediately.
Europe swelters in record heatwave
Sweden and Poland have warned against swimming in the Baltic Sea due to a huge bloom of toxic algae caused by hot temperatures. Portugal and Spain endured scorching sunshine on a day which seriously threatened to break a 30-year European heat record.
China, ASEAN countries hold simulated naval drills
Yet, in an apparent reference to China, Pompeo said Washington will "oppose" any country that seeks dominance in the region. In October, China and ASEAN are to hold their first joint maritime exercises as they elevate their security cooperation.
Day in Tiger's group at WGC at Firestone
After feeling he should have won The Open Championship , Woods has that swagger back and the game is better for it. "I've always been a fan of this golf course, ever since I first played here in '97", Woods said.
Venezuelan president attacked in drone explosion
Seconds later Maduro and his wife, Cilia Flores, looked up to the sky and winced after apparently hearing an unidentified sound. State television showed him cutting short a speech as hundreds of soldiers broke ranks and scattered.
My family comes before everything - Martial hits back at Mourinho
Mourinho also stated that he would not have paid to watch United's friendly matches in the United States were he a Red Devils fan. Spain produces great footballers and, unlike those further down the Premier League , teams outside La Liga's top six need money.
Turkey, US agree to work together to resolve issues
Pompeo met with Turkish Foreign Minister Mevlut Cavusoglu on the sidelines of a Southeast Asian security conference in Singapore. On the sanctions, he said: "I hope they'll see this for what it is, a demonstration that we're very serious".