Oil rises 2% with Brent futures hitting a two-week high

Oil Prices Gain on Falling U.S. Inventories

Oil price leaps to $74 per barrel as US inventory drops

Brent crude, the global benchmark, rose $1.38 to $74.01 a barrel by 1319 GMT and reached $74.19, the highest since August 8.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.95 per barrel at 0044 GMT, up 9 cents, or 0.1 percent, from their last settlement. US light crude was 60 cents higher $68.43, heading for a gain of 3.8 percent this week.

Oil also found support from a weaker dollar, which has slipped this week in response to US President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases.

Oil prices rose by a significant 2% on Wednesday to exceed the $74 mark, the highest recorded in the last two weeks.

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Oil prices gained more than 1 percent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China's appetite for US crude.

Due to the geo-political turmoil, with the US-China trade war and the rising tensions in Turkey pushing down emerging markets, oil has seen its seventh straight week of declines.

The shift shows how trade is being affected even before USA sanctions targeting Iran's crude exports snap back into effect in early November. The world's two largest economies have imposed tariffs on a combined $100 billion of products since early July, and Washington is holding hearings on proposed duties on another $200 billion worth of Chinese imports.

"These (overall) measures are expected to shave up to 0.3-0.5 percentage points from China's real GDP growth in 2019", said rating agency Moody's Investor Service.

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Investors are also closely monitoring OPEC as well as USA supplies before the U.S. sanctions on Iran's oil exports kick in this November.

USA commercial crude oil inventories C-STK-T-EIA fell by 5.8 million barrels in the week to August 17 to 408.36 million barrels, the Energy Information Administration (EIA) said in its weekly report.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the USA side.

Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC), exporting on average around 2.5 million barrels per day (bpd) of crude and condensate this year, equivalent to around 2.5 percent of global consumption.

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