UPDATE 9-Oil falls 1% amid U.S.-China trade dispute, uncertainty on supply cuts

* Trump ready to slap more tariffs on China after G20
meeting
* China's May crude imports dip from record highs
* Saudi's Falih: Only Russia undecided on cut OPEC+ deal
extension
* Many oil exporters ready for a July 2-4 OPEC meeting
-Novak

(Updates with settlement prices, adds commentary)
By Stephanie Kelly
NEW YORK, June 10 (Reuters) - Oil prices fell more than 1%
on Monday as U.S.-China trade tensions continued to threaten
demand for crude and as major producers Saudi Arabia and Russia
had yet to agree on extending an output-cutting deal.
Brent crude futures LCOc1 fell $1, or 1.6%, to settle at
$62.29 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
lost 73 cents, or 1.4%, to end at $53.26 a barrel.
U.S. President Donald Trump said he was ready to impose
another round of punitive tariffs on Chinese imports if he does
not reach a trade deal with China's president at a Group of 20
summit later this month. China's foreign ministry said that China is open for more
trade talks with Washington but has nothing to announce about a
possible meeting. China's crude oil imports slipped to around 40.23 million
tonnes in May, from an all-time high of 43.73 million tonnes in
April, customs data showed, due to a drop in Iranian imports
caused by U.S. sanctions and refinery maintenance. "As U.S.-China tariff concerns heighten, we see more
downward adjustments to world oil demand both across this year
and next in providing a limiter on occasional price advances,"
Jim Ritterbusch of Ritterbusch and Associates said in a note.
Barclays bank, in a note, said its economists had revised
down their GDP growth outlook for the United States, China,
India and Brazil - countries that account for more than
three-quarters of their oil demand growth assumptions for this
year.
"The revisions imply a 300,000 barrel per day reduction in
our current global oil demand outlook of 1.3 million barrels per
day year-on-year for this year," the British bank said.
On the supply side, Saudi Energy Minister Khalid al-Falih
said Russia was the only oil exporter still undecided on the
need to extend the output deal agreed by top producers.
The Organization of the Petroleum Exporting Countries and
some non-members, including Russia, have withheld supplies since
the start of the year to prop up prices. The deal is due to
expire this month.
Yet, Russian energy minister Alexander Novak said there is
a still a risk that oil producers pump out too much crude and
prices fall sharply. Novak said he could not rule out a drop in
oil prices to $30 per barrel if the global deal was not
extended. Many oil exporting countries have confirmed they are
prepared to hold a policy meeting with OPEC in Vienna over July
2-4, instead of the scheduled date later this month, Novak said.
In the United States, crude production has surged, rising to
a weekly record at 12.4 million barrels per day, while crude
stockpiles have climbed close to two-year highs, according to
the Energy Information Administration's data last week. EIA/S
"The market has seen pressure over the last couple of weeks
due to the significant rise in crude and product inventories
here in the U.S. that has pressured prices as the market now
awaits the outcome of the upcoming OPEC and non-OPEC producers'
meeting," said Andrew Lipow of Lipow Oil Associates in Houston.

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