Oil prices slip on rising supply, trade tensions

LONDON, Oct 30 (Reuters): Oil prices slipped on Tuesday, depressed by concerns that the US-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
Benchmark Brent crude oil was down 15 cents a barrel at $77.19 by 0835 GMT. US light crude was unchanged at $67.04.
Both contracts have recovered ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October.
Oil has been caught in the global financial market slump this month, with equities under pressure from the trade war between the world's two largest economies.
Financial markets found some support on Tuesday from reports that US President Donald Trump thinks "a great deal" with China is possible on trade.
But for now the dispute between Washington and Beijing goes on and looks set to curb global economic growth and fuel demand.
The International Energy Agency (IEA) said on Tuesday high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.
"There are two downward pressures on global oil demand growth. One is high oil prices, and in many countries they're directly related to consumer prices. The second one is global economic growth momentum slowing down," IEA chief Fatih Birol told an energy conference in Singapore.
Consultancy JBC Energy said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional US tariffs on Chinese imports, should upcoming talks fail to produce the desired results".
Oil is also under pressure from rising output by the world's biggest producers, Russia, the United States and Saudi Arabia, which is helping to replenish global oil inventories after more than a year of stock draws.
BBC adds: Profits at oil giant BP more than doubled in the third quarter, boosted by stronger oil prices and higher production from new oil fields.
Profits rose to $3.8bn (£3bn) from $1.86bn a year earlier, its best quarterly result for five years.
Revenue in the July-to-September quarter jumped to $80.8bn, up from $60.8bn last year.
Over the past three months, the price of Brent crude oil has averaged $75.07 a barrel, up 44 per cent from a year earlier.
The Brent price reached a four-year high of more than $86 a barrel earlier this month before dropping back to around $77.