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Oil faced "downward pressure from lower growth forecasts around the globe", said Alfonso Esparza, senior market analyst at futures brokerage Oanda.

Later, 280,000 barrels were traded in IRENEX at $74.85. "The market is likely to focus its attention more on fundamental data again, especially with respect to possible supply bottlenecks in the coming months given that strict US sanctions on Iranian oil exports will come back into force from next week", Commerzbank analysts wrote.

Jahangiri said that Iran has no concerns over the potential impacts of returning U.S. sanctions on its oil exports given that it is already selling its crude oil higher than the price tag it has set in its annual budget plan.

The U.S. sanctions on Iran have been putting Iraq in a tight spot-on the one hand, Baghdad's trade is closely linked with its neighbor Iran, but on the other hand, the United States is an ally that helps with security.

However, the effects of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.

The plan of supplying crude oil in stock market has frequently been raised in the past years but it doomed to failure.

He added that all of those barrels would be bound for exports.

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Burkman claimed on Tuesday on Twitter that he's holding an event at which Mueller's first supposed "victim" will come forward. Hoft is frequently called "the dumbest man on the internet" for his wild conspiracy theories and constant mistakes.

However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent. US curbs on Iran's vital oil exports are set to come into force on Nov 4. Meanwhile, Brent further increased 0.74 dollars to 77.63 USA dollars per barrel. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.

Baghdad has been saying that it would abide by the US sanctions on Iran.

Washington has also asked Saudi Arabia to make sure there is enough oil supply on the world market to keep prices from rising further.

Additionally, hedge fund managers have reportedly cut their bullish positions in crude futures and options for four weeks in a row to their lowest since July 2017, due to an uncertain demand outlook and other factors: in an editorial for Reuters, John Kemp, founding partner at Again Capital, wrote that "Rising oil production from Saudi Arabia, the United Arab Emirates, Kuwait, and Russian Federation has eased concerns about the availability of supplies once us sanctions on Iran are re-imposed in November".

Meanwhile, the market will focus on the news of any meeting between officials from China and the United States aiming at seeking solution to the ongoing trade tensions.

The EIA reported US crude stockpiles rose 3.22 million barrels last week, while distillate and gasoline supplies declined.