Oil prices rebound amid expectations on potential supply cut

Oil prices steady, US-China trade dispute remains in focus

Oil futures jumped more than $1 a barrel on Thursday amid a weaker dollar, recovering ground after concerns that a global economic slowdown would hurt crude demand sparked losses of over 4% in the previous session.

This week, EIA reduced its forecast USA demand for crude and liquid fuels.

Brent crude futures settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January.

US crude oil inventories are roughly 2% above the five-year average for this time of year.

West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.13 per cent, to $54.76 per barrel.

"Trade war rhetoric will continue to guide markets, but the comments from Saudi Arabia could lead to unprecedented action to stabilize prices", Esparza said.

Refinery crude runs rose by 786,000 barrels per day, EIA data showed.

Morning showers could become severe storms Wednesday afternoon
Our weather pattern changes dramatically on Friday as dry air sends dew points plummeting (from about 70 to about 50). The Kansas and Missouri rivers in Wyandotte County are now below flood stage and below action stage.

NCAA rule restricts Rich Paul's access to potential new clients
The Athletic's Sam Vecenie obtained a copy of the NCAA memo detailing the new requirements , confirming the original report. Per the new NCAA rule, Paul is not eligible to advise NCAA players who wish to maintain their college eligibility.

El Paso shooting victims die at hospital, raising death toll to 22
In Dayton, a gunman killed nine people before he was fatally shot by police outside a bar in the city's popular Oregon District. It also expressed support for the gunman who killed 51 people at two mosques in Christchurch, New Zealand, in March.

Prices rebounded after tumbling almost 5% to their lowest since January on Wednesday after data showed an unexpected build in US crude stockpiles after almost two months of decline. At 438.9 million barrels, USA crude oil inventories are about 2% above the five-year average for this time of year.

"It's not a huge move.What we're looking at is steady, reflecting concerns among traders whether or not the trade dispute development is fully priced in", said Michael McCarthy, chief market strategist at CMC Markets. Deputy Oil Minister Amir Hossein Zamaninia said in early May that Iran has mobilized all its resources to sell oil in a "grey market", to circumvent illegitimate U.S. sanctions against the country.

Brent crude prices have dipped nearly 10% during the past week after US President Donald Trump announced he would impose a new 10% tax on $300-billion worth of Chinese imports starting September 1, jolting world equity markets as a result.

"The IEA also lowered its demand-growth forecast for 2019 to 1.1 million barrels a day, down from previous projections of 1.2 million barrels in June and 1.5 million barrels late a year ago".

"People saw those numbers and it put a negative vibe in the market", said Robert Yawger, director of energy futures at Mizuho in NY. Still, U.S. stock indexes tumbled more.

But demand for safe-haven assets such as government debt underscored lingering anxiety over recession risks.

In other news, Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel.

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