Oil

Crude oil futures were lower as global economic outlook dimmed over an escalation in US-China trade tensions.

The trade war has been hitting economic growth. which tends to reduce demand for commodities such as oil.

China and other countries are receiving oil shipments from a large number of Iranian tankers. defying sanctions imposed by the United States to choke off Tehran’s main source of income. an investigative report by The New York Times said.

The latest round of US tariffs on China could push Beijing to buy Iranian oil as a retaliationf. Bank Of America Merill Lynch announced.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

The expert expects the Persian Gulf tensions to persist within a year and a half.

Chief Executive of Persian Gulf Star Refinery (PGSR) Mohammad Ali Dadvar on Sat. said that the first gasoline produced in the Persian Gulf Star Refinery was exported overseas.

Iranian Oil Minister Bijan Namdar Zangeneh described the US decision to impose sanctions on Foreign Minister Mohammad Javad Zarif as childish behavior. and said that he is not worried if Washington adopted the same move against him.

China imported a record amount of crude from Saudi Arabia in June.

OPEC reduced output at the start of this year as part of an agreement with other producers.