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FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil...

Oil rises with equities and concerns about crude supply

Oil prices rose more than 1 percent on Tuesday, tracking the stock market higher after a rise in Turkey's lira quelled fears of emerging market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran.

S.Korea's Iran crude imports for July down 43.5 pct y/y -customs

South Korea imported 788,651 tonnes of crude oil from Iran in July, down 43.5 percent from a year ago, preliminary data from Korea Customs Service showed on Wednesday. That is equivalent to 5.8 million barrels, according to a Reuters calculation. The world’s fifth-largest crude buyer imported a total 12.9 million tonnes of crude last month against 12.4 million tonnes imported a year ago, the data also showed. Final data for South Korea's crude oil imports last month will be published by state-run Korea National Oil Corp (KNOC) later the month. The KNOC data is considered the industry standard for South Korea's oil imports.

FILE PHOTO - Shipping containers are seen at the port in Shanghai

Global economic outlook is darkening: Kemp

Cyclical indicators point to slower and more uneven growth in the global economy for the rest of this year and into 2019, which means the rise in oil consumption is likely to moderate, especially for distillates like diesel.