Oil

International markets see the US-China trade spat as a drag on economic growth.

US crude inventories fell by 5.2 million barrels in the week to Aug. 17 to 405.6 million barrels.

Traders said U.S. markets were lifted by a tightening outlook for fuel markets in the coming months.

The position was outlined in a memo released last month in support of the administration's proposal to relax fuel mileage standards.

Both benchmarks lost more than 2 percent during the previous day's trading.

Official U.S. fuel inventory data is due to be published later on Wednesday.

OPEC expects world oil demand to grow by 1.43 million bpd in 2019, down from 2018.

OPEC said its oil output in July rose to 32.32 million bpd, above the demand forecast, despite a surprise cut in output by Saudi Arabia just weeks after OPEC and its allies had agreed to boost supplies.

Gas is 53 cents a gallon higher than at this time last year.

U.S. sanctions against Iran pointed towards tighter supply.

The drop-off in Iranian crude exports could range between 500,000 and 1.3 million bpd,

The ongoing trade war is rattling global markets.

Oil prices were sharply lower.

Crude inventories fell by 6 million barrels in the past week