Oil prices rise ahead of OPEC’s June 22 meeting

Oil bumps up on US inventories decline, WTI pokes back into $65

Additionally, in a sign of strong demand, USA refineries processed a seasonal record of 17.7 million barrels per day (bpd) of crude oil last week, according to the EIA.

In another escalation, India on Thursday joined China and the European Union by increasing duties on various commodities imported from the United States.

A 25 percent tariff on U.S. crude oil imports, as threatened by China in retaliation for duties Washington has announced but not yet implemented against Chinese products, would make American crude uncompetitive in China versus other supplies.

The odds of the Organization of Petroleum Exporting Countries reaching a deal on Friday have increased through the week.

If this threat turns into reality, US crude oil-which is now in high demand in Asia due to the wide $9-a-barrel discount to the Brent Crude worldwide benchmark-will become uncompetitive.

Iranian publication Seda quoted sources as saying Zanganeh told the meeting he would not accept an output increase because doing so would pave the way to an Iranian oil embargo.

Yet, they warn that the benefit would be short-lived.

On Wednesday, Iranian Oil Minister Bijan Zanganeh said OPEC members that had overdelivered on cuts in recent months should comply with agreed quotas.

Trump supports Republican immigration bills in U.S. House: White House
And it's particularly important to a lot of these guys, like Mario Diaz-Balart from Florida, who's helping organize the moderates. Trump tells reporters that he's looking at both plans. "I certainly wouldn't sign the more moderate" of the two Bills, he said.

Investigation by Vanguard showed that the disagreement became obvious, following Saudi Arabia's lobbying of members to support its call for increased oil supply to the market.

Patrick Pouyanne, the CEO of supermajor Total, also voiced his concern that trade wars are "not good news for the world economy". This news helped widen the spread between Brent crude oil and WTI crude oil. "It is also a period of robust demand in China".

"We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel.

According to WoodMac, U.S. crude oil exports to China averaged around 300,000 bpd in the first quarter this year, accounting for just over 20 percent of all U.S. crude oil exports.

United States crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday.

The consultancy forecasts that on a free trade basis, US crude exports to China will increase two-fold by 2023 from the current levels.

The United States, which rivals Russian Federation and Saudi Arabia for the position of world No.1 oil producer, is not participating in the current supply pact.

To be sure, Chinese tariffs on US oil imports are not a certainty, and many analysts think that it's just the latest scare tactic in the trade spat. In the short term, there could be one winner-OPEC.

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