Pressuring prices this week was USA government data showing crude inventories last week climbed 6.5 million barrels, a fourth straight weekly build and nearly triple the amount analysts had forecast.
Saudi Arabia has threatened to retaliate against potential sanctions from the United States over the disappearance of Washington Post journalist Jamal Khashoggi.
NEW YORK, Oct 19 (Reuters) - Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for a second weekly decline on swelling US inventories and concern that trade wars were curbing economic activity.
He also said that Brian Hook, the Special Envoy of the USA on Iran, visited India and held discussions with several officials and interlocutors in different ministries.
Crude bumped higher this year as uncertainties persisted over whether the Organization of Petroleum Exporting Countries and its partners can offset potential supply losses from US sanctions on Iran that kick in early next month.
With about two weeks to go before the second round of USA sanctions on Iran come into effect, India seems to have worked out an arrangement with both countries to protect its national interests. Dalian typically receives between 1 million and 3 million barrels of Iranian oil each month, according to data that dates back to January 2015.
President Donald Trump's looming sanctions on Iran are the biggest in a series of mysteries confronting the oil market right now. Unlike many other news organizations, we have not put up a paywall. Refiners around the world are under pressure to avoid Iranian oil purchases because they want to maintain their access to the US financial system - something they could lose if they flout the USA sanctions.
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The government's official response has been more circumspect, but it nonetheless warned that it would respond to any action with even greater retaliation and pointed to the kingdom's "influential and vital role in the global economy".
"The looming Iranian supply disruption and the conflict between the US and Saudi Arabia are pushing traders to take a cautious stance at the moment", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone from Seoul.
Kumar said that India appreciates the statement made by US Secretary of State Mike Pompeo that the intention of imposing sanctions on Iran is not to hurt India.
Undermining the strong refinery data, China did on Friday report its weakest economic growth since 2009 in the third quarter, with gross domestic product expanding by only 6.5 per cent, missing estimates.
"The impact of the inventor y-jump weighed on the market and oil seems bearish", stated Kaname Gokon, who is a trader in Japan. China's imports from Iran fell to 430,000 bpd in September, the lowest amount since 2016.
While oil's surge has subdued, the ongoing conflict between America and Saudi Arabia supported prices earlier this week.
During 2017, Iran was Turkey's top crude oil source, accounting for 11.5 million tons of its total purchases nearing 26 million tons, followed by Iraq and Russian Federation.