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U.S. President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News reported on Thursday.

OPEC’s oil production is expected to have risen in August to a fresh 2018 high, helped by rising Iraqi and Libyan exports, a survey by Reuters found on Friday. The 15-member OPEC collectively produced 32.79 mil bpd in August, which was 220,000 bpd higher than July's revised level.

Iran’s oil exports are tumbling again as the country’s key buyers in Asia take fewer cargoes in the weeks before U.S. sanctions take full effect. The Persian Gulf nation shipped just under 2.1 million barrels a day of crude and condensates in August. That’s the lowest since March 2016.

U.S. crude oil production rose in June by 231,000 bpd to a new record high of 10.674 mil bpd, the U.S. EIA said in a pair of monthly reports on Friday.