Oil rises as tensions around Iran's nuclear program simmer

Oil Prices Post First Weekly Drop In Three Weeks

-China trade war that has dampened prospects for global economic growth.

US benchmark West Texas Intermediate crude fell over 16% in May as the trade dispute heated up. -China trade dispute that is dragging on the global economy and oil demand.

However, promises of tighter OPEC supply extending into March 2020 limited losses in oil prices.

The affected countries would remain exempted from the implementation of the oil supply adjustment of 1.2 million barrels a day owing to their situation, Mohammad Barkindo, the secretary general of OPEC told reporters in Vienna, according to a Nigerian daily, This Day.

Brent crude LCOc1 futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0022 GMT.

The U.S. blacklisted Venezuelan state-owned oil company PDVSA in January, expecting to block $7 billion in assets and cause $11 billion of lost export revenue over the next year. It should be noted that the economic powerhouses are also the world's two largest oil consumers.

On Tuesday, the Japanese government reported that Japan's core machinery orders fell by the most in eight months.

US State Department proposes $2 billion sale of arms to Taiwan
Taiwan's Presidential Office expressed "sincere gratitude" to the U.S. - which is the main arms supplier to Taiwan. The US government has approved a plan to sell 2.2 billion dollars' worth of weapons to Taiwan.

Staying muggy with some storms around this weekend
Sunday , there is a 40 percent chance of showers, with thunderstorms also possible after 1 p.m., the weather service said. Tonight , there is a 50 percent chance of showers and thunderstorms, with a low of 71, according to the weather service.

Kabir Singh: Kubbra Sait's ROFL Response To Sandeep Vanga Reddy's Slap Comment
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"A very cautious open this morning supported by a better than expected (non-farm payrolls)", said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

While demand concerns have weighed on the market, Brent has still risen nearly 20 percent in 2019 supported by a supply-cut pact led by the Organization of the Petroleum Exporting Countries, and Middle East tensions.

"Demand is soft", said Olivier Jakob, analyst at Petromatrix.

Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a transfer that additional threatens the 2015 nuclear settlement that Washington deserted final 12 months.

Saudi's increased supply to the global oil market came as a direct response to a request by US President Donald Trump who had asked the kingdom to increase its output to offset the impact of his politically-motivated sanctions on Iran and other countries. USA job growth rebounded strongly in June, with government payrolls surging, a closely watched employment report showed on Friday, suggesting that May's sharp slowdown in hiring was probably a one-off.

Industry and government data for release later on July 9 and on July 10 is expected to show that USA crude stockpiles fell for a fourth consecutive week, dropping 3.6 million barrels, according to a preliminary Reuters poll.

The American Petroleum Institute will release its weekly report on USA crude stockpiles later in the day.

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