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Outlook for growth in global oil demand for this year and 2019 remains the same, IAE said, at 1.4 million barrels per day for 2018 and increasing to 1.5 million per day in 2019.

USA crude oil inventories fell more than expected last week to below 400 million barrels, while gasoline and distillate inventories rose as refiners ramped up production, the Energy Information Administration said on Wednesday.

The 15-member OPEC said Wednesday in its latest monthly report preliminary data suggests the global oil supply increased 490,000 barrels a day, to average 98.9 million barrels per day (Mmbpd) in August, compared with July's total.

"While we aren't explicitly forecasting Brent to rise to $100 a barrel, we see real risks of this happening".

Iranian production has already fallen to the lowest since July 2016, at 3.63 million barrels a day, as buyers retreat ahead of US sanctions that come into force on November 4.

Iraq replaced Saudi Arabia in August as the top oil supplier to India, the data showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of the United States sanctions in November.

In recent months, prices have wavered comfortably between the $70 and $80 per barrel on the Brent crude futures contract.

Some investors "believe we are going to see a significant jump in gasoline prices", said John Kilduff, a partner at New York-based hedge fund Again Capital LLC.

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Instead, China responded to the United States tariff action by taking further steps to harm USA workers and businesses. Retaliatory tariffs add to the sting, since they effectively raise the price of American products in foreign markets.

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Newcastle United forward Salomon Rondon and defender DeAndre Yedlin could be rested after their late return from worldwide duty. Chief executive Ivan Gazidis' future looks less certain, though, with AC Milan having re-opened negotiations with him .

Oil climbed to a three-month high above $80 a barrel in London on Wednesday as fears of a supply crunch eclipsed concern about the risks to demand such as the U.S.

U.S. crude stocks C-STK-T-EIA fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said on Wednesday. Brent has climbed for four straight days and gained 2.2 percent in the previous session.

Washington on Monday offered 11 million barrels of high-sulphur, or sour, crude from its Strategic Petroleum Reserve (SPR) for delivery from October 1 to November 30.

Oil producers are signaling their concern that Permian Basin pipelines won't be ready on time next year with a fivefold jump in hedging created to protect against bottlenecks in America's biggest shale field.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.84 per barrel at 0428 GMT, up 59 cents, or 0.9 percent, from their last settlement.

U.S. crude rose 91 cents to $70.16 a barrel.

"According to Bloomberg, in case the Iran sanctions come into place, oil price could go up to $150 a barrel", reported ET.