Oil supported as new hedges placed, but rising global…

North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May

"A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", Patterson said.

Official data from Russian Federation on Thursday showed that the country's oil output rose by 150,000 barrels per day (bpd) in July from June to 11.21 million bpd.

Brent crude futures LCOc1 were up 16 cents, or 0.2 percent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 percent on Wednesday.

The West Texas Intermediate (WTI) for September delivery lost 0.47 US dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.

SEOUL/SINGAPORE, Aug 2 (Reuters) - South Korean imports of USA crude oil are set to hit all-time highs in September and October as refiners snap up supplies to replace Middle East grades, four sources with knowledge of the matter said.

Futures reversed course after trading lower on concerns about oversupply early in the session.

Meanwhile, according to EIA, U.S. crude oil production was 10.9 million barrels per day which was 100,000 barrels per day lower than the previous week.

Tensions between the US and Iran are also supporting the market, Barratt said.

More news: White House to showcase USA products as trade battles loom

USA crude oil production for the month of May stood at 10.442 million bpd, compared to 10.472 million bpd in April.

The Organisation of Petroleum Exporting Countries has said that crude oil production has gone up in July as Saudi Arabia pumped more volumes into the global market.

The United States, China and India have previously urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth.

Meanwhile, a USA decision to scale back fuel standards would lead to higher demand, though that could be balanced by trade tensions between the United States and China.

Hedge funds and other money managers cut their bullish USA crude bets in the latest week, as oil prices were range-bound, pinned between concerns about tight supply due to sanctions and fears that trade disputes could curb demand.

U.S. President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.

"It is nearly certain that China will impose additional duties on oil and refined products imported from the USA if the Trump administration implements additional tariffs on the next tranche of Chinese goods".

The country's top two refiners SK Energy and GS Caltex bought 2 million barrels of USA crude each for October arrival, while its smallest refiner Hyundai Oilbank has also purchased 2 million barrels of medium-sour Mars crude for the first time, the sources said.

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