Oil at five-week low as supply worries compound trade war threat - The Peninsula Qatar

Oil at five-week low as supply worries compound trade war threat - The Peninsula Qatar:

Crude fell to the lowest in more than five weeks as a surprise rise in U.S. crude inventories and increases in production from OPEC and Russia has investors worried that global supply levels are on the upswing.

Futures in New York dropped 1.6 percent on Wednesday. While data from the Energy Information Administration showed U.S. crude inventories rose 3.8 million barrels last week, Saudi Arabia pumped near-record volumes in July and Russia increased its crude production to levels not seen since it joined OPEC in a coordinated output cut two years ago.

Meanwhile, the U.S. is considering more levies on Chinese imports, according to people familiar with the internal deliberations, imperiling demand growth.