Oil Mixed As Saudi Output Rises, Equities Rebound
The trade war has yet to have a direct impact on oil markets, but China has indicated it could place tariffs on U.S. crude imports.
If that happens, "Chinese demand would then shift to other suppliers. Because the oil market is already in tight supply due to the numerous outages, this would drive international prices (Brent) further up," Commerzbank said in a note.
U.S. producers continued to bring more rigs into oilfields already producing at record levels. The U.S. rig count, an early indicator of future output, was up by five in the week to July 6, according to General Electric Co's Baker Hughes energy services firm.
That brings the total count to 863, up 100 from last year.
(Additional reporting by Alex Lawler in London, Henning Gloystein in Singapore and Meng Meng in Beijing Editing by Simon Webb and Alistair Bell)
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