Saudi Arabia's oil output fell in September after attacks

World’s Top Oil Traders See 2020 Prices Stuck in the $50s

Saudi Arabia's oil output fell in September after attacks

U.S. West Texas Intermediate (WTI) futures CLc1 were down 12 cents, or 0.2%, at $52.47. -China trade war continued to cloud prospects for the global economy and fuel demand despite a resumption in talks seeking a resolution to the 15-month conflict.

Prices were also weighed down by a report of rising stockpiles in the United States, now the world's biggest oil producer.

Tensions between the two sides rose this week as the United States imposed visa restrictions on Chinese officials and placed some major Chinese companies on a blacklist.

Venezuela will also increase its exports despite USA economic sanctions that have curtailed shipments as Indian refiner Reliance Industries plans to start loading Venezuelan crude after a four-month pause.

"Crude oil has, just like other riskier assets, received a boost from news that China is open to accept a partial trade deal", Saxo Bank commodity strategist Ole Hansen said.

Turkey launched a military operation into Syria, President Tayyip Erdogan said, adding the offensive aimed to eliminate a "terror corridor" along the Turkish border.

Mohammad Barkindo, leader of the exporter group, did not specify if the move would mean extending a pact to rein in production to stabilize prices, but the comments appeared to nudge the market out of pessimism over U.S.

September 14 attacks on Saudi state-owned Aramco facilities in Abqaiq and Khurais initially halved the kingdom's crude output and sent global energy markets into a tailspin.

Commerzbank analyst Carsten Fritsch said if the U.S. But with high-level trade discussions set to start later on Thursday, the South China Morning Post reported the pair had made no progress in preliminary, lower-level talks.

Production for both OPEC and the United States averaged 42.9 million bpd in 2018, is expected to average 42.1 million bpd in 2019, and 42.8 million bpd in 2020.

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