'Please Stop': Iran Begs Trump to Stop 'Indecent' Tweeting About Oil Prices

Oil Prices Up on Weak US Crude Inventory

USA oil price went up on Friday after dropping almost 2 percent in the previous session. -China tit-for-tat on trade.

"As South Korea's economy heavily relies on trade, it won't be good for South Korea if the global economic slowdown happens because of a trade dispute between USA and China", said Lee Dal-seok, senior researcher at the Korea Energy Economic Institute.

Crude oil inventories at Cushing, Oklahoma, the delivery point for USA crude futures, have fallen to their lowest in 3-1/2 years, data showed last week. China's Ministry of Commerce stated that it had no choice but to respond to the United States, which they claim had "launched the largest war in economic history".

Zanganeh added that neither Iranian oil production nor its exports had changed as a result of USA pressure.

Beijing has threatened a 25 percent tariff on USA crude imports, although it has not specified an introduction date. In response to this, members of OPEC reportedly agreed to produce an additional one million barrels of crude oil on a daily basis to keep the prices stable on the market.

In an alarming sign for Washington, and a welcome development for Iran, some locals have decided not to see which way the dice may fall.

China has said it will impose tariffs on 545 USA goods in return.

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China has said it would immediately retaliate with its own tariffs, and U.S. President Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods, in what may become a fully blown trade war. He added that his refinery had cancelled US crude imports and would switch to Middle East or West African supplies instead.

"We expect the Chinese government to impose tariffs on (US) crude", the executive said, declining to be named as he was not authorised to speak to media.

"Trump sends every day a new message that creates uncertainty in the oil market", Bijan Zanganeh said in an interview with Iranian broadcaster IRIB. "They (Chinese importers) are not going to be intimidated, or swayed by USA sanctions".

"Iran's exports are some 2.7 million bpd, including condensate", it noted. Together three three nations make up about 60 percent of the Persian Gulf state's exports.

They said zero-tolerance sanctions on Iran - the fourth-largest oil producer - could add $50 per barrel to crude prices, which are up more than 25 per cent this year.

If Beijing also imposes tariffs on USA crude, it could put downward pressure on the price of benchmark U.S. crude, the West Texas Intermediate, and may weaken its spread to Brent oil, the global market standard.

China responded promptly and slapped duties on the same amount of value unto USA products.

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