Oil dips in nervous markets with U.S., China on brink…


US crude futures added 29 cents, or 0.4 percent, to $74.09, Reuters reports.

That double whammy is prompting Asian refiners to move swiftly, with South Korea leading the way.

An increase in supply will reverse some of the output cuts that OPEC and other major producers put in place in early 2017 to end several years of supply glut. -China tit-for-tat on trade.

After noting that China holds about $118 trillion in USA debt, Guilfoyle pointed out that "we've got a pretty hot economy" and that China is struggling in comparison: "They have retail sales in the hole. they've got industrial production in the hole, the Shanghai Composite [stock index] is down 17 percent year-to-date".

World oil prices are growing, despite the growth of drilling activity in the US, on expectations of irregularities in the schedule of supplies of this raw material from Libya and Canada. Global benchmark Brent was down 23 cents, at $77.16/Bbl by 2:29 p.m.

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Although just 5 percent of China's overall crude imports, these supplies are worth $1 billion a month at current prices - a figure that seems certain to fall should a duty be implemented.

US energy companies last week increased the number of rigs drilling for oil by five to 863, up 100 year-on-year, General Electric Co's (GE.N) Baker Hughes energy services firm said in its closely followed report late on Friday.

United States crude was bullish after official data on Thursday showed inventories at Cushing, the delivery point for USA crude futures, fell to their lowest in three-and-a-half years.

While no date has been set, industry participants expect the tariff to be levied.

China has indicated that it could place a tariff of 25% on US oil.

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USA markets also garnered support from a government employment report showing better-than-expected growth in jobs.

"We expect the Chinese government to impose tariffs on (U.S.) crude", the executive said, declining to be named as he was not authorised to speak to media. In May, Indian refiners imported 4.7 million barrels or about nine times more than April and the most of any month based on USA government data going back to 2015.

JTD Energy's Driscoll said China may even replace American oil with crude from Iran.

China has said it will retaliate, and major Chinese ports have already delayed clearing goods from the United States, according to several sources.

In Japan, Asia's third-biggest importer of crude, the oil industry has yet to react publicly to Friday's news. That could lure India to take more US crude, Fielden said. U.S. producers continued to bring more rigs into oilfields already producing at record levels.

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