Oil prices inch up despite assurances to raise output

BEIJING: Global oil prices edged up from early losses on Monday despite assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere.
US Energy Secretary Rick Perry said in an interview on Friday that he does not foresee any price spikes and that the countries, the world’s top three oil producers, can between them raise global output in the next 18 months.
Brent crude oil futures gained 25 cents to $78.34 per barrel as of 0727 GMT, reversing a 0.2 per cent loss earlier in the session.
US West Texas Intermediate (WTI) futures rose 28 cents to $69.27 a barrel after posting a drop of 20 cents earlier in the trading session.
Iran’s oil exports are falling as more buyers, including its second-largest buyer India, cut imports ahead of US sanctions that will be re-imposed in November.
Trading remained choppy amid an unresolved trade war between the United States and China.
US President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official said on Saturday.
The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming United States sanctions on Iran over its nuclear programme.— Reuters