Oil prices fall after surprise rise in US inventories

Media: Japan halts imports of oil from Iran

Oil prices rose Thursday, reversing earlier losses, after Saudi Arabia said it does not plan to unnecessarily flood the market with oil.

West Texas Intermediate crude for August delivery, which expires on Friday, traded at $68.68 a barrel on the New York Mercantile Exchange, down 8 cents, at 08:51 in London.

US WTI traded at $67.07, while Brent crude was trading down at $72.33.

Brent has fallen about 8 percent from last week's high above $79 on emerging evidence of higher production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries, as well as Russian Federation and the United States. He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are "without basis".

Demand supply? Oil production disruption? Many countries are seeking a USA pardon to continue importing Iranian oil.

Federation Internationale de Football Association 18 predicted the World Cup champions
France might have won the match against Croatia by 4-2, but their country's respective Presidents won hearts with their gestures. The emir says through a translator that the World Cup "will be a huge and great festival for all our country".

US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending July 13, which was 413,000 barrels per day less than the previous week's average.

The Energy Information Administration (EIA) reported that USA crude oil production exceeded 11 million barrels a day for the first time in history. He further stated that Saudi crude oil exports in July will be roughly equal to their June levels, and that he expects exports in August to drop by roughly 100 kbd.

The market also got a boost from reports rebels in Yemen attacked an oil facility in Saudi Arabia, Kilduff told CNBC.

"The organization's legal team will hold talks in the coming days with law firms including White & Case about the "No Oil Producing and Exporting Cartels Act", one of the people said, asking not to be identified because the information is not public".

"Refining margins in Asia are under pressure and some of the Chinese independent refiners have cut back on their processing, which is weighing on the Brent market", said Andrew Lipow, president of Lipow Oil Associates in Houston.

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The incumbent U.S. administration has lobbied Saudi Arabia to increase output in order to offset the impact of its sanctions on the oil industries of Iran and Venezuela - two of the world's main crude oil producers.

Crude pushed higher after Saudi Arabia pledged not to flood world markets with oil.

A Reuters survey of Opec production showed Saudi output at a near-record, up 700,000 barrels a day at 10.70-million barrels a day.

Still, overnight oil is weak as the USA dollar soars and other commodities get crushed.

By 2030, around 6 million bpd of oil supply-mostly yet-to-find, contingent resources and fringe plays in the USA -is expected to break even above $70 per barrel.

Aussie Divers Share Disbelief After Thai Cave Rescue
Some of the group had lost as much as 5kg but had regained some of the weight, and their appetites, in hospital, Piyasakol said. The therapy session was held to get them emotionally ready before being released from the hospital.

A key OPEC committee said Wednesday that compliance with pledged output cuts was 121% in June.

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