Oil up but set for 2nd weekly fall

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September WTI crude oil finished the week at $69.95, down $1.62 or -2.26 percent and September Brent settled at $75.33, down $1.78 or -2.31 percent.

The nearest driver for the oil market can be the news background, which will develop as a result of the meeting of the leaders of the United States and Russian Federation. The country's National Oil Corp. lifted force majeure at the field, which will boost output to 50,000 barrels a day within two days and to 72,000 barrels three days later, the company said in a statement. United States stocks fell by 12.6 million-barrel for the week ended July 6.

"The higher oil prices Trump is causing are leading to a higher energy bill in the EU, Japan, China and India, impacting their economic growth just like the tariffs imposed upon them, also enabling Saudi Arabia and the UAE to pay their arms bill to the U.S.", Iran's Hossein Kazempour Ardebili said.

"With Venezuela and Iran already subject to sanctions and USA onshore production and exports now limited by infrastructure, one of the US's most significant remaining market levers is its Strategic Petroleum Reserve", Rigby said.

"It appears the oil market has little confidence that Iran volumes can be easily replaced", BAML said.

EIA states although global petroleum and other liquid fuels inventories declined by an average of 0.5 million barrels per day (MMBPD) in 2017.

"Trade concerns have bitten today", said Michael McCarthy, chief markets strategist at CMC Markets. Depending on its size and timing, an oil sale might leave the market unmoved, or have a real, if fleeting, impact on prices. Production and export operations will return to normal levels within the next few hours.

Natural gas markets also fell during the day, losing nearly 1% by the time I got to the desk today.

USA crude-oil production is set to average 11.8 million barrels a day in 2019, the EIA said in its monthly short-term report published Tuesday.

But supply concerns were highlighted again by the IEA, which reminded investors of the large number of output disruptions keeping pressure on global oil supply.

World's oil supply cushion could be stretched to the limit due to prolonged outages, which will support prices and threaten demand growth, the International Energy Agency said on Thursday.

It revised its 2018 demand-growth outlook to 1.2 million barrels per day (bpd) from 1.4 million previously, though its 2019 forecast edged up a touch to 1.1 million bpd from 1 million. Black Rock Inc. raised $1.5 billion for its most recent energy and power infrastructure fund, pushing the world's largest asset manager further into illiquid assets, according to Bloomberg. The premium for the front-month Brent contract traded over the following month's settlement fell from a high in April to a discount this week in a condition known as contango.