Brent oil gains $1 to claw back some losses

Global benchmark Brent crude oil had its biggest one-day drop in two years.

Brent crude fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. The decline was the largest one-day move on a percentage basis since February 9, 2016.

The decline in overall inventories was partially due to a fall-off in stocks at the Cushing, Oklahoma, delivery hub for US crude futures, which were down by 2.1 million barrels. Firstly, if the new list of tariffs on China are eventually imposed then China could turnaround and tax USA oil. Higher gas prices can leave USA households with less money to spend on other products.

The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.

Lower oil prices are particularly important to USA consumers in the summer months when driving reaches its heaviest. Higher oil prices tend to increase trade deficits, as more money is paid for foreign oil. Concerns about a lack of spare capacity had led crude to rally.

Washington will consider requests from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday.

A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018.

Additionally, a report showed Saudi Arabia hiked its oil output in June to the highest level since the end of 2016, as it aims to cool the market after crude prices recently rose to 3-1/2-year highs.

USA crude oil stocks fell by almost 13 million barrels last week, the most in almost two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday. This will bring additional crude to the market. "Our markets remain open while we work directly with customers to resolve the issue", a CME spokesman said in an emailed statement.

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