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Although the IEA did not lower its annual oil demand expectations, the group noted growth could cool down later this year if trade tensions between U.S.-China escalate.
In China, tariff rhetoric kept heating up, this time over LNG with the country threatening a 25% tariff on U.S. imports.
Iran's oil minister said OPEC may need to hold an extraordinary meeting after noticing certain members were trying to adjust output without approval.
The drop followed a monthly report from EIA that showed oil production in the U.S. is growing slower than previously expected in 2018.
Oil prices pared losses briefly after the EIA released data on U.S. crude inventories rising last week, but were still trading about 1% lower on the day.
OPEC has pumped 32.64 million bbl/d in July, a survey by Reuters on July 30 found, up 70,000 bbl/d from June's revised level and the highest this year with Congo added.
At 404.9 million barrels, U.S. crude oil inventories, not including the nation's emergency petroleum reserve, were at their lowest level since February 2015.
Iran has come under increasing U.S. pressure, with the administration of President Donald Trump pushing countries to cut all imports of Iranian oil from November.
Shares of Halliburton were off about 1.3% in premarket trading as profit matched Street estimates and on a lack of commentary on logistical bottlenecks in the Permian Basin.