Crude palm oil futures slide on low demand

Oil Ticks Up to End a Volatile Week

Oil prices decline amid rising output

Brent crude futures LCOc1 were down 13 cents, or 0.2 percent at $73.32 a barrel by 0052 GMT, after rising 1.5 percent on Thursday.

The West Texas Intermediate (WTI) for September delivery lost 1.10 USA dollars to settle at 67.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.82 dollars to close at 72.39 dollars a barrel on the London ICE Futures Exchange.

Prices had tumbled to a six-week.

Oil had been moving lower all session on the back of reports OPEC and Russian crude oil production rose during July, while a larger than expected DOE inventory build confirmed the API reports from Tuesday.

Output by Saudi Arabia has also risen recently to around 11 million bpd, according to Reuters.

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Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned U.S. sanctions take effect later this year.

Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.

However, low stocks were still providing a floor as even with last week's rise, overall US crude inventories are below the 5-year average of around 420 million barrels.

Futures in NY dropped 1.6 percent on Wednesday.

OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to USA sanctions.

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Oil prices are feeling the effects of ongoing tensions over global trade, with markets concerned about any slowdown in growth around the world. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.

Saudi Arabia's production increased by 230,000 barrels a day in July to 10.65 million barrels per day. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.1 percent to $68.89 per barrel.

Prices of the barrel of the West Texas Intermediate are trading on a soft note today after the EIA reported the U.S. crude oil inventories went up by 3.803 million barrels during the week ended on July 27, more than initial forecasts suggested. Total volume traded was about 30 percent below the 100-day average.

Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.

Whiting Petroleum Corp. gave up some of this year's stellar gains after reporting lower-than-estimated crude production for the second quarter.

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