Brent crude futures were at $69.78 per barrel by 0902 GMT, down 10 cents or 0.14 percent.
Tanker brokerage Eastport said in a note that "worsening trade friction between Washington and Beijing poses a downside risk to our forecasts" for petroleum products.
"We are in a situation where we can buy crude from the free market, so we don't expect supply disruption even without Iranian oil", Shibota told an earnings press conference, declining to say what suppliers Fuji would tap. The EIA said with US waivers expiring, Iranian crude is likely to quickly fade from the world market and, while replacement barrels are coming, they may not arrive for months.
U.S. crude oil production decreased slightly during the week ending May 3, U.S. Energy Information Administration (EIA) said Wednesday.
Gold rose on Monday after U.S. President Donald Trump threatened to impose tariffs on Chinese goods, indicating a dramatic deterioration in Sino-U.S. trade talks and prompting a sharp downturn in riskier assets.
Gold prices slipped after climbing to a more than three week peak on Wednesday as safe haven demand eased after the White House said it had received an indication from China that it wanted to make a trade deal, easing fears over the dispute's potential impact on global growth.
We're looking for another choppy, two-sided session on Wednesday unless there is a major surprise in the government's weekly inventories report.
China's commerce ministry confirmed on Tuesday that Vice Premier Liu He will visit the United States over May 9-10 for bilateral trade talks at the invitation of senior US officials.
"So people have been bearish because of that".
The United States's exports to some to some of the world's largest oil consumers, including India, Japan, South Korea, and Italy have increased significantly over time.
This compared to a hefty 9.9-million-barrel inventory build last week, which pressured prices substantially, adding to already significant pressure from rising production in the USA and elsewhere that countered concern about lost Iranian supply.
China, the world's biggest oil importer, took in 164.9 million tonnes of crude during the first four months of 2019, or about 10.03 million bpd, up 8.9 percent on the same period a year earlier, the data showed.
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