Headed to 8-month lows of $ 65.72 amid weak fundamentals.
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In direct communications with OPEC, Saudi Arabia reported that its monthly crude production slipped by 201,000 bpd in July, meaning that it pumped 10.288 million bpd last month - lower than the 10.387 million bpd figure secondary sources compiled by OPEC show.
"Demand growth from Asia in general is being called into question". A first set of United States sanctions snapped back into place earlier this week, but in November it will seek to choke off Iranian oil exports.
Demand in 2019 is expected to continue growing, at an average of 1.5 Mmbpd.
"Libya is always trying to increase production, but can they maintain it?" said McGillian. Some of the new spending will push up output next year, he said. The supply disruptions that rattled the market earlier this summer have somewhat receded.
Crude oil prices are now slightly lower. The American Petroleum Institute (API) showed late-Tuesday that USA crude stocks rose by 3.7 million barrels in the week to August 10, to 410.8 million barrels.
Official U.S. oil inventory data was due to be published later on Wednesday by the Energy Information Administration.
Distillate inventories added 3.6 million barrels last week, after a build of 1.2 million barrels in the prior week, with production averaging 5.3 million bpd, up by 100,000 bpd on the previous week.
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.
USA refiners have been operating near peak capacity, especially in the Midwest, where refiners were at 99.4% of capacity the week ending August 3. But no major refinery maintenance is planned for US Gulf Coast refiners in the second half of this year.
Gasoline futures fell 1.2 percent to settle at $2.0147 a gallon.
Typically, crude futures trade inversely to the greenback. But the trade war could undercut that scenario.
After snapping tariffs on steel and aluminium imports from a number of allies, the United States has been engaged in an escalating duel with China with levies being announced on a growing range of goods.
But exports to Japan and Singapore have picked up, while exports to the Middle East have been steady.
Northwest European refining margins are strong, and USA crudes are competitive. Despite the U.S. rig count being at a high for this year, the "production level has stalled, and that raises questions on whether or not there's capacity for the United States to increase production further - which is why we're seeing firmer markets".
White House press secretary Sarah Huckabee Sanders on Friday said Omarosa Manigault's new memoir is "riddled with lies". Colbert also criticized Omarosa for painting President Trump as a racist - arguing that everyone already knows that.
If Elon Musk fails to produce a credible plan to take the company private , Tesla's shares are likely to sink. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989.
Arsenal manager, Unai Emery has explained why his side lost to Manchester City in their Premier League opener on Sunday evening. Manchester United legend Gary Neville believes Unai Emery needs near three seasons to rebuild the Arsenal squad.
Any possible sanction will take into account that Stokes has already missed the Ashes tour as a result of the episode. Stokes was on trial for knocking out two men in the southwest English city of Bristol last September.
The death toll is estimated by some to have now topped 300. "We saw everybody leaving in boats but no boat came to us", he said. After the 6.9 magnitude natural disaster in Lombok, Facebook users wrote "I hope people will survive".
Stargazers come out to watch the Perseid meteor shower early on Monday morning north of Castaic Lake, California August 12, 2013. The Network was published colorful pictures, which depicted the stars from different parts of the world.
Erdogan has said Turkey needs to find "new friends" because of the row with the its North Atlantic Treaty Organisation ally. The Turkish currency has lost about 40 percent of its value this year against the US dollar.
Lionel Messi won his 33rd title with Barcelona on Sunday to become the most successful player in the Catalan club's history. It had been thought the Spanish Super Cup was the same but Sevilla said they would object to "an improper line-up".
Trump adviser Kellyanne Conway responded on ABC's This Week that confidentiality agreements in the White House exist for a reason. Ms Newman, whose tell-all book about her White House tenure is to be released tomorrow, left the administration in December.
USA priests in Pennsylvania 'abused thousands of children'
The grand jury identified 301 predator priests based on secret archives in each of the dioceses involving over 1,000 victims. Twenty of the grand jurors said Tuesday they objected to "any attempts to censor, alter, redact or amend" the report .
A solar Eclipse in August: how it will affect health
Viewers of solar eclipses are advised to never look directly at the Sun, and either wear specialised glasses or viewing boxes. In 2018, the first eclipse was the super blue blood moon on January 31 followed by a partial solar eclipse on the February 15.