Oil Prices Hit $85pb Highest Since 2014

03 October, 2018, 18:13 | Author: Gerard Cortez
  • The potential supply shortage is a a reversal of the glut seen in the oil market between 2015 to 2017

The world will need additional supplies as US sanctions dissuade major importers including India and South Korea from purchasing Iranian crude. However, the increase in USA production is not enough to offset the loss of Iranian output. And, as concerns over supply remain elevated, a growing pool of analysts are anticipating the price of the valuable commodity could hit $100 per barrel. "At the same time, the U.S. -Mexico-Canada Agreement is also improving the overall sentiment for oil".

Case in point: Russian Federation, whose deputy energy minister, Pavel Sorokin, said on Monday that production of hard-to-recover oil is expected to rise by 10 percent to 860,000 bpd this year, and that "Many of our companies have advanced in this direction".

Oil has risen to the highest in nearly four years in London after OPEC showed little enthusiasm for raising output despite President Donald Trump's demand for lower prices. While trade tensions still remain, the deal caps a turbulent period the USA and Canada, traditionally close allies on national security and trade. -China trade tensions escalate.

WTI for November delivery traded at $73.55 a barrel on the New York Mercantile Exchange, up 30 cents. The contract climbed $1.13, or 1.6 percent, on Friday. Total volume traded was about 33 percent below the 100-day average.

Brent for December settlement added 1 cent to $84.99 a barrel on the London-based ICE Futures Europe exchange. Open interest in call options at US$90 has risen by almost 12,000 lots in the past week to 38,000 lots, or 38 million barrels.

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She also grabbed headlines at the French Open with her straight-sets demolition of Venus Williams. Wozniacki, this year's Australian Open victor , will face reigning Olympic champion Monica Puig .

Global trade conditions seemed worsened. However, China's Sinopec 600028.SS is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect. That's the lowest since February 2016.

United States sanctions on Iran's energy industry, which come into force on November 4, are created to cut crude exports from the third-biggest producer in OPEC.

The two leaders also discussed developments in the region and the world. U.S Energy Secretary Rick Perry has ruled out using US strategic crude reserves to lower oil prices.

More fundamentally, oil markets have been pushed up by looming USA sanctions against Iran's oil industry, which, at its most recent peak this year, supplied nearly 3% of the world's almost 100-million barrels of daily consumption.

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