Oil up 1% after USA crude stockpiles fall

Shale,India oil import,US shale

Brent crude futures were at $69.78 per barrel by 0902 GMT, down 10 cents or 0.14 percent.

Saudi Arabia is expected to keep its crude exports below 7 million bpd in June, while output would stay under its production quota under a global deal to cut supply, a Gulf source familiar with Saudi oil plans said.

On the supply-side, oil markets remain tense as the United States tightens sanctions on Iranian oil exports, saying on Monday it was boosting its military presence in the Middle East.

The latest US EIA data showed an unexpected drop in the US crude inventories by 4 million barrels in the week to May 3.

The country is the world's biggest oil importer. However, the markets turned lower for the session after a private-industry report showed a weekly rise in USA crude supply.

The June meeting comes amid concerns of a tightening oil supply because of us sanctions on Iran and Venezuela and another flare-up of fighting in Libya.

Indians could buy at least 10 percent more gold during the annual Hindu and Jain holy festival of Akshaya Tritiya than a year ago, industry officials said, as a recent dip in prices prompted consumers to increase purchases.

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Imports for the first four months increased 16.4 percent on the year to 31.89 million tonnes, customs said.

According to EIA's data, US crude oil production averaged 12.2 million barrels per day (b/d) last week, down by 100,000 b/d from the previous week and up by about 1.5 million b/d year-on-year.

Further, the bullish EIA crude inventory report also somewhat remains oil-supportive.

Oil's gains were capped by a sluggish Wall Street, which had trouble finding direction on worries that a breakdown in trade talks between the world's top two economies will drag global growth lower.

"After 20 years of having their way with the U.S., China still appears to be miscalculating with this administration". U.S. and Chinese negotiators are meeting tomorrow with the hope to avoid such an escalation of the trade war, and thus we are expecting to see further volatility to come tomorrow when the outcome of those talks emerge.

Prices may not rise very quickly, but there shouldn't be a steep sell-off either, unless the 200-day moving average fails as support and actually becomes resistance. Crude stockpiles had risen by a net of almost 30 million barrels in five earlier weeks, and oil bears had expected the trend to continue.

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