"Any further escalation in the trade conflict between them is clearly an important downside risk and could lead to a further slowdown in oil demand growth for 2019, leading to downward pressure on oil prices", said Gupta at Wood Mackenzie.
"While there has been minimal impact so far on Iran's crude production ahead of renewed United States sanctions, Washington's move to apply the toughest ever measures on Iran could result in an even steeper reduction than ... seen during the previous round of sanctions" when its exports fell by 1.2 million barrels per day (mbd) said the IEA. The global benchmark crude advanced 74 cents to $72.81 on Friday.
Oil fell as Turkey's economic strife sparked an emerging-market sell-off, fuelling fears of broader market turmoil.
In America, the number of working oil rigs rose by 10 to 869 last week, the highest level since March 2015, Baker Hughes data showed. Platts cFlow trade-flow software shows an increase in exports for the week ending August 10, with a big jump in crude to Canada balancing a drop off in crude exports to Asia.
VERMONT: Christine Hallquist Becomes First-Ever Openly Transgender Nominee For Governor
While she supports the ban of assault weapons, the Democratic nominee said it is not an issue of high importance on her list. But the state now has a popular moderate Republican governor, Phil Scott, who is favoured to win re-election in November.
Oil earlier rose higher amid supply concerns as Iran's foreign minister said the OPEC nation won't meet with the U.S.at the United Nations General Assembly in NY in September.
Investors are concerned about the world economy as trade disputes between escalate between the United States and its major trading partners.
Investors are now seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as broad greenback strength and a ramp-up in production by OPEC and its allied partners.
The deal effectively increases combined oil output by 1 million barrels per day (bpd).
Beyonce honours Aretha Franklin at Detroit concert
Folks, I've known for several months. "She will be so missed as a mother, sister, friend, cousin". "You know a force from heaven". The singer cancelled planned concerts earlier this year due to health concerns and was ordered by doctors to rest for two months.
To be sure, recent strength in the US currency has fueled a cautious mood in oil markets.
The futures markets were further weakened late in the session after data from industry group the American Petroleum Institute (API) showed that US crude stocks unexpectedly rose by 3.7 million barrels the week-ending August 10, compared with analysts' expectations for a drawdown of 2.5 million barrels. Yet, bullish sentiment found some support from expectations that looming USA sanctions against Iran could significantly hamper its crude exports. Iran is OPEC's third-largest oil producer - behind Saudi Arabia and Iraq - and now pumps around 3.65 million barrels per day, according to Reuters data.
Upcoming US sanctions on Iran's energy sector, which snap back on November 4, could push oil prices above $150 a barrel from around $75 now, prominent hedge funds have warned.
Soul legend Aretha Franklin reportedly 'gravely ill'
A new report from Showbiz 411 suggests that the "Queen of Soul", Aretha Franklin , is " gravely ill " in her hometown of Detroit . Franklin said in August of that year that she had undergone a "miraculous" recovery, but continued to drop out of shows.