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However, this week, because of falling U.S. crude oil inventories, the price of United States crude has once again risen.

"Thus, the official inventory data this afternoon are also likely to show a more market inventory reduction, which would see the zigzag course followed by US crude stocks in the summer months continue", the analysts wrote in a note Wednesday.

United States and Chinese officials were set to resume talks on Wednesday, but Trump said he expected there will be no real progress.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.24 per barrel, up 41 cents, or 0.6 percent.

U.S. oil edged up on Thursday to extend gains from the previous session, lifted by a decline in USA commercial crude inventories, while worldwide crude markets were weaker due to the trade dispute between the United States and China.

Due to the geo-political turmoil, with the US-China trade war and the rising tensions in Turkey pushing down emerging markets, oil has seen its seventh straight week of declines.

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Brent crude oil LCOc1 settled down 5 cents at $74.73 a barrel.

Crude trading on Thursday resumed a posture more in keeping with previous weeks than in the past few days, with both benchmarks losing some ground due to China imposing 25 percent tariffs on USA products. The nation's outflow has fallen after American President Donald Trump in May pulled out of a 2015 deal between the Persian Gulf state and world powers that had eased oil restrictions in exchange for curbs on its nuclear program.

"Third-party reports indicate that Iranian tanker loadings are already down by around 700,000 bpd in the first half of August relative to July, which if it holds will exceed most expectations", US investment bank Jefferies said on Friday. A key index of the dollar versus a basket of other currencies.DXY fell on Friday, boosting the price of oil and other dollar denominated commodities.

West Texas Intermediate settled down 3 cents at $67.83, and Brent settled down 5 cents at $74.73 per barrel - modest declines, but notable considering both contracts had climbed by over $2 per barrel 24 hours earlier after the USA government reported a bigger-than-anticipated drop in crude stockpiles, which played into traders' fears that the market may be tightening. "The fundamental picture is tighter than it was a year ago". “Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs.”.

A weekly report on USA drilling activity is due to be published later on Friday by energy services firm Baker Hughes.