Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels C-STK-T-EIA , the EIA data showed.
U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down 47 cents at $68.49 a barrel.
"Tariffs look set to kick in as soon as September, meaning that any barrels arriving on Chinese shores will be hit with a 25% tariff - taking US crude from an approximately $4/Bbl discount vs. global benchmarks, to a premium of approximately $13.50/Bbl", he added.
"It is nearly certain that China will impose additional duties on oil and refined products imported from the USA if the Trump administration implements additional tariffs on the next tranche of Chinese goods".
The Organisation of Petroleum Exporting Countries has said that crude oil production has gone up in July as Saudi Arabia pumped more volumes into the global market.
Crude palm oil prices went down by 0.30 per cent to Rs 595.50 per 10 kg in futures market today as speculators cut down positions in line with weak Malaysian palm oil prices and on muted spot demand.
Total motor gasoline inventories decreased by 2.5 million barrels last week, but still about 1.4 percent above the levels of the same week past year.
Chelsea vs Manchester City, Community Shield
With no Eden Hazard , young Callum Hudson-Odoi will be an automatic choice on the left wing in the Belgian's absence. There'll be times to back City with confidence going forward this season but this doesn't look like one of them .
Maurizio Sarri still wants to sign a midfielder
The approach known as "Sarri-ball" will grace Stamford Bridge this season as the Blues move away from a mainly defensive outlook. It was a very positive conversation. "I hope that I can keep making the fans happy". "Yes I do.
Presumed US war remains begin journey home from South Korea
This is a historic day for our country and for our families who have suffered loss as we remember those who sacrificed all. Asked about furthers steps North Korea should take, Pompeo said, "They need to completely, fully de-nuclearize".
China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, said John Kilduff, partner at Again Capital Management in NY.
On Tuesday, data released by the American Petroleum Institute showed US crude stockpiles to have risen by 5.59 million barrels in the week, compared to analyst expectations for a 2.8 million-barrel drawdown.
Trump has turned up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion of Chinese imports and China has said it will retaliate.
In the statement on Wednesday, Novak said that higher production was due to the need to maintain the market's stability.
At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with oil output cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola.
On Monday, a Reuters survey found that OPEC production reached a 2018 high in July.
In the statement on Wednesday, a day ahead of monthly oil and gas output data publication, Novak said that Russian Federation was pumping on average 40,540 bpd less in July compared to October 2016, a cut-off month for the OPEC+ deal.
This is unedited, unformatted feed from the Press Trust of India wire.