China trade war weakening demand for oil

China Trade

"Economic recession risk and further escalation of the U.S".

WTI crude futures for September ended up $1.45, or 2.84%, at $52.54 a barrel on Thursday, after having plunged 4.7% a session earlier.

"While some Saudi overtures of additional output restraint, a softening USA dollar and lift in global risk appetite are facilitating today's rally, we are not viewing this as the beginning of a sustainable advance by any measure".

THE glut of crude oil supply in the oil market hit Nigeria's crude oil exports with poor sales, amidst efforts to balance the market, the International Energy Agency, IEA, on Friday announced a global decline in oil demand growth.

China's yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite US trade pressure.

Oil prices rose for a second day as trade fears eased even as the International Energy Agency warned economic damage from the ongoing U.S-China trade war has cut oil demand growth rose to the slowest pace since the financial crisis in the first half of the year as it again lowered demand-growth expectations.

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Background: Saudi Arabia and other oil-producing countries have already significantly reduced their oil production in recent months, while continued expansion in the North American oil sector will increase pressure on OPEC members.

However, the IEA was also quick to point out it would be a "temporary phenomenon" because its forecasts show very strong non-OPEC oil production growth next year likely to make the global oil market flooded with crude oil.

"Saudis are scrambling to send a signal that will stabilise oil markets".

Middle East tensions, sanctions on Iran and Venezuela and data from Baker Hughes that shows USA energy firms to have cut six oil rigs in the week to August 9, contributed as well to oil's sharp uptick in the session.

USA sanctions drove down Tehran's July exports of crude oil by 130,000 bpd to 400,000 bpd, the lowest since the 1980s.

Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as Opec's biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom's officials.

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