US crude slipped 2 cents to $72.92.
"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote.
OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to U.S. sanctions.
U.S. West Texas Intermediate crude futures ended Thursday's session down $1.20 a barrel, or 1.6%, at $72.94/Bbl, Kallanish Energy reports.
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Saudi Arabia's total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage. The contract added 20 cents on Tuesday, and there was no settlement Wednesday due to the United States holiday.
According to analysts, escalating tensions between China and the US, with the two largest economies in the world implementing tariffs $34 billion on their respective imports and the threat of more action, could weigh on crude prices and soften demand expectations. Data from the Energy Information Administration is due Thursday, published a day later than normal because of the Independence Day break.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".
Benchmark Brent crude oil was up 45c at $77.75.
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Goldman Sachs said the market will stay in deficit in the second half of the year as actual and potential supply losses from Iran, Venezuela, Libya and Canada far exceed the proposed boost from Opec and its partners.
Following his comments, oil prices fell on July 5.
Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil".
China's Commerce Ministry spokesman Gao Feng said America's tariffs will backfire and damage the world economy because more than half of the US$34 billion of Chinese exports are produced by foreign companies.
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