"There are two downward pressures on global oil demand growth".
Benchmark Brent crude oil fell $1.05 a barrel to a low of $76.29 before recovering slightly to around $76.44, down 90 cents, by 1205 GMT.
The tight market in Asia is visible in the low amount of unsold crude oil stored on tankers on waters around Singapore and southern Malaysia, the region's main oil trading and storage hub.
Crude oil futures "are notably weaker as investors continue to grow concerns over global growth prospects, while the strength in the US dollar has also added to the bearish sentiment in the energy complex", DailyFX analyst Justin McQueen told UPI.
Oil held losses near $67 a barrel on speculation that an escalating trade dispute between the US and China will dampen global growth at a time when American crude inventories are growing.
Oil was also being weighed down by signs of rising supply from top producers. One is high oil prices, and in many countries they're directly related to consumer prices.
Oil has been caught up in broad financial market slumps this month, with stocks falling again on Monday after reports Washington was planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world's two largest economies.
On the supply side, however, oil markets remain tense ahead of looming USA sanctions against Iran's crude exports.
"Saudi Arabia's production has reached 10.7 million barrels per day this month and we could increase production to 12 million barrels per day". [USD/] A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies. Saudi Arabia and Russian Federation are leading efforts to keep oil markets well supplied at the same time as the demand outlook darkens.
The mechanism of purchasing oil in Energy Stock Market is that the companies must pay 20% of value before receiving cargo in Kharg oil terminal in the Persian Gulf.
Some 280,000 barrels of crude oil were traded on Sunday, the first day of offering crude oil for export on Iran Energy Exchange (IRENEX), just few days before new round of US sanctions on petroleum sector take effect, Shana reported. Crowds at one point shut down Tehran's sprawling Grand Bazaar, an economic center and a center where the 1979 Iranian Revolution gained footing. Iran's economy was already sputtering before Trump's announcement in May that he meant to pull out of the 2015 nuclear accord, but since then the situation has intensified. "Regardless of factions. we are all part of the Iranian nation", Rouhani said earlier, urging MPs to vote for his proposed ministers ahead of the cabinet reshuffle.
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