"Renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the U.S. raise the likelihood of oil trade interruptions and, with it, upside risks to oil prices in the near term". "The impact could spread to many other countries", lowering global crude consumption, she said.
The price for Brent crude oil, the global benchmark for the price of oil, was down 2.1 percent as of 9:18 a.m. EDT to $77.19 per barrel. Total volume traded was about 9% below the 100-day average. West Texas Intermediate, the USA benchmark for the price of oil, was down 1.1 percent to $73.28 per barrel.
Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite USA sanctions. The contract climbed 79 cents to $78.86 on Tuesday.
Futures for September delivery rose 0.4 percent to 506.9 yuan a barrel on the Shanghai International Energy Exchange. As well as consumer items, including clothing, television components and refrigerators, the list of goods targeted by the White House also includes petroleum products, such as motor fuels, kerosene and naphtha.
"For WTI (U.S. light crude) there is tightness at Cushing, which will be supportive over July and August", said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.
Although the North American pricing benchmark WTI's discount against Dubai and Brent crudes narrowed sharply in recent weeks, Asian refiners may continue to favor United States crude, if the suppliers continue to offer attractive prices on a CFR basis.
NATO holds emergency session amid Trump demands
Around eight members of the 29-country military alliance are expected to reach the 2 per cent target this year. And one of the freedoms we have is freedom of speech and the freedom to express your views.
Us Secretary of State Mike Pompeo said Tuesday that Washington would consider requests from some countries to be exempt from sanctions due to go into effect in November to prevent Iran from exporting Crude Oil.
The market, however, found support on Friday from supply concerns.
Washington had previously said countries must halt all imports of Iranian oil from November 4 or face US financial restrictions, with no exemptions.
"We remain sceptical that the Tripoli-based National Oil Corporation, which has lost control over key oil ports to militia who are backing a rival national oil company, will be able to double its output as intended".