Oil price soon to reach $100 per barrel

Strait of Singapore

China says it will retaliate, and U.S. President Trump said on Thursday he may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods.

Meanwhile, Brent oil price was under pressure on Friday amid an escalating global trade tensions.

American oil producers may find a new friend in India as they brace for a trade war with China that could curb USA shipments.

"The Chinese have to do the tit-for-tat, they have to retaliate", said John Driscoll, director of consultancy JTD Energy, adding that cutting US crude imports was a means "of retaliating (against) the U.S.in a very substantial way".

"Mr. Trump sends every day a new message that creates uncertainty in the market", said Iranian Oil Minister Bijan Zanganeh stated in an interview.

The West Texas Intermediate for August delivery rose 0.86 USA dollar to settle at 73.80 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery fell 0.28 dollar to close at 77.11 dollars a barrel on the London ICE Futures Exchange.

So far, WTI's relative resiliency is not something that would please US president Donald Trump, who in tearing up the nuclear deal with Iran and reimposing sanctions against the Islamic republic, is betting that Saudi Arabia and other countries will not only make up for the shortfall in Iranian crude exports but also flood the market with enough product to reduce gas prices at the American pump.

On Thursday, the US Energy Administration (EIA) announced that USA crude inventories had risen 1.2 million barrels in the week to June 29, to 417.88 million barrels. In May, Indian refiners imported 4.7 million barrels or about nine times more than April and the most of any month based on USA government data going back to 2015.

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Soybean farmer reacts to China tariffs: ‘A lose-lose situation’
China will also start collecting a 25 percent levy on $US34b of United States goods such as agricultural products and cars. OK?" Imports of cars from Europe - particularly Germany - are the primary source of complaint for the USA president.

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"Indian refiners can't absorb all the USA oil that was going to China".

Additionally, gasoline stockpiles fell by 1.5 million barrels for the week, but distillate stockpiles were up by 100,000 barrels for the week, according to the EIA.

Reuters in a report quoted estimates by the International Energy Agency (IEA) as showing that Saudi Arabia would have to pump an extra volume of at least 1 million barrels per day (bpd).

How close is China to imposing the tariff on US crude oil?

He added his refinery had canceled US crude orders and would switch to Middle East or West African supplies instead.

Venezuela is expected to lose another 400,000 bpd by year-end with production going to below 1 million bpd.

The major story remains the looming supply shortages due to US sanctions against Iran.

Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels. At this time, there may not be enough spare capacity to cover the losses from Venezuela and Libya.

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