OIL PRICE: ABOVE $71

REUTERS - Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel, even as renewed U.S. sanctions against Iran are expected to tighten supplies.

Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.

Prices eased on a possible slowdown in economic growth due to escalating trade tensions.

For the week, Brent is set for a near 2 percent fall, while WTI is heading for a drop of nearly 3 percent.

"The market seems to be focused on fears of reduced demand from China, partially due to the effects of the trade wars between China and the United States," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

In the latest round of tariffs, China said it would impose additional tariffs of 25 percent on $16 billion worth of U.S. imports.

Although crude was removed from the list, replaced by refined products and also liquefied petroleum gas (LPG), many analysts say Chinese imports of American crude will still fall significantly.

"Already we are hearing that Chinese refiners are holding back on U.S. crude, despite escaping tariffs," ANZ bank said.

Growing global trade tensions have also led to a slump in the currencies of major emerging economies such as India, Turkey and China.

These devaluations have made imports of oil, which is traded in U.S. dollars, more expensive, potentially denting demand.

"The major devaluation of many emerging market currencies relative to the U.S. dollar means that in local terms oil is higher than what we see on the screen," U.S. investment bank Jefferies said on Friday.

China's automobile sales fell 4.0 percent in July from a year earlier to 1.89 million vehicles, an industry association said on Friday, amid rising concern over the potential fallout of a Sino-U.S. trade spat.

IRAN SANCTIONS

While the demand outlook was getting gloomier, supplies may tighten with the re-introduction of U.S. sanctions against Iran, which from November will also include oil exports.

Although other powers, including the European Union, China and India oppose sanctions, many are expected to bow to American pressure.

"We do not believe that sanctions have been fully priced into Brent, leaving room for a significant run-up in prices towards the end of the year," BMI Research said.

Analysts expect the drop-off in Iranian crude exports to range between 500,000 barrels per day (bpd) and 1.3 million bpd, with buyers in Japan, South Korea and India already dialing back orders.

The reduction will depend on whether major buyers of Iranian oil in Asia receive sanctions waivers that would still allow some imports.

It was also not clear whether China, the biggest buyer of Iranian crude, will bow to Washington's pressure.

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Earlier: 

2018, August, 8, 12:10:00 OIL PRICE: NOT ABOVE $75 YET REUTERS - Front-month Brent crude oil futures LCOc1 were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.15 per barrel, down 2 cents.

2018, August, 8, 12:05:00 OIL PRICES 2018 - 19: $72 - $71 EIA - Brent crude oil spot prices averaged $74 per barrel (b) in July, largely unchanged from the average in June. EIA expects Brent spot prices will average $72/b in 2018 and $71/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

2018, August, 6, 13:40:00 OIL PRICE: NEAR $74 AGAIN REUTERS - Brent crude oil futures were up 31 cents on the day at $73.52 a barrel by 0903 GMT, while U.S. futures rose 35 cents to $68.84 barrel.

2018, August, 3, 10:15:00 OIL PRICE: ABOVE $73 REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement. Brent crude futures LCOc1 were at $73.40 per barrel, down 5 cents from their last close.

2018, August, 3, 10:10:00 ЦЕНА URALS: $ 69,43 МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – июля 2018 года составила $ 69,43 за баррель. В 2017 году средняя цена на Urals в январе – июле составила $ 49,94 за баррель. Средняя цена на нефть марки Urals в июле 2018 года сложилась в размере $ 72,87 за баррель, что в 1,52 раза выше, чем в июле 2017 года ($ 47,85 за баррель).

2018, August, 3, 09:55:00 SAUDIS OIL PRICES DOWN BLOOMBERG - Saudi Aramco, as the state-owned company is known, cut pricing for September shipments of all grades to Asia, its largest market. Aramco set the premium for Arab Light crude to Asia at $1.20 a barrel above the Middle East benchmark, it said Thursday in an emailed price list. The reduction of 70 cents for Arab Light was the second consecutive monthly cut for the grade and was 10 cents deeper than the median estimate of five traders in a Bloomberg survey.

2018, August, 1, 09:40:00 OIL PRICE: NEAR $74 YET REUTERS - Brent spot crude oil futures dropped 30 cents, or 0.4 percent, to $73.91 a barrel by 0435 GMT, adding to a 1.8 percent loss in the previous session. U.S. crude futures were down 38 cents, or 0.6 percent, at $68.38 a barrel, having dropped nearly 2 percent on Tuesday.