US oil prices hit their highest level since November 2014 and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once USA sanctions against Iran kick in next month.
Meanwhile, the US West Texas Intermediate (WTI) crude futures were also up by USD$1.66, or 2.3 percent, putting a hefty USD$74.91 per barrel price – the company’s highest since July.
After the EIA’s weekly petroleum status report, WTI and Brent prices moved downward and settled 0.72 percent and 0.21 percent lower, respectively, on Wednesday.
Brent for December settlement added 1 cent to $84.99 a barrel on the London-based ICE Futures Europe exchange.
The 15-member Organisation of the Petroleum Exporting Countries pumped a 2018 high of 32.85 million barrels per day in September, according to the Reuters monthly survey, up by 90,000 bpd from August’s revised level.
Those include “increasing supply concerns resulting from impending US sanctions on Iran”, as well rising concerns over the Organization of the Petroleum Exporting Countries’ and Russia’s willingness to increase production to make up for any Iranian shortfall, and continued strong demand for oil, he said.
Sentiment was lifted by a last-gasp deal to salvage NAFTA as a trilateral pact between the United States, Mexico and Canada, rescuing a $1.2 trillion a year open-trade zone that had been about to collapse. OPEC itself trimmed its forecast for 2019 global oil demand growth, emphasizing the downside risk.
Growing uncertainties over global oil supply have sent prices soaring in NY to their highest level in almost 4 years.
According to OPEC, the crude oil market is well supplied now and there is not any need for further production increase.
Iran has attempted to downplay the impact of looming USA sanctions by claiming that it has no intention of reducing oil production. “However, such optimistic claims are falling on deaf ears”, PVM Oil Associates strategist Stephen Brennock said. Also, several major buyers in India and China have revealed plans to cut purchases of Iranian oil. Concerns over tightening Iranian oil supplies continue to support the rise in crude oil prices.
The pair discussed the stability of the oil market and the strategic partnership between the two countries, Al Arabiya TV reported, without providing more details.
“Even if they (Saudi Arabia) wanted to bend to President Trump’s wishes, how much spare capacity does the Kingdom have?” he asked.
03 October 2018
Schultz replied back , saying that since they’d been together five years “I think she’ll still be around in September lol”. Easter eggs have been a staple of games for decades now, but there are very few stories that end up like this.03 October 2018
Last year, the Yankees rallied from a 3-0 first-inning deficit to beat the Minnesota Twins and advance to the ALDS. NY has now had 16 games with four or more home runs, a feat no other team has replicated this season.02 October 2018
We will try to fast track the case so that the family can get justice. “I couldn’t see the policemen after that”, Khan added. The two constables were on night motorbike patrol and the patrolman who shot Tiwari told reporters: “I didn’t shoot at him”.
03 October 2018
May has repeatedly claimed there would be no hard border between the United Kingdom and Ireland after Brexit. Johnson’s witty speeches and his stand on Brexit , others find him too unpredictable to be Prime Minister.03 October 2018
President Donald Trump is not confident about, it is getting his new trade agreement with Canada and Mexico through the U.S. The United States Department of Agriculture says that fluid milk consumption is down nearly 10% in the last five years.02 October 2018
Trump tweeted often about how unfair he thought it was that Canada charged such high tariffs on United States dairy products. That’s a big deal because, guess what, we cheat. “What it spells out for consumers is that they’ll be paying more”.
03 October 2018
TIP-INS – The Americans remained unbeaten against Australia in Olympic and World Cup games, improving to 18-0. Stewart is named as Most Valuable Player of the tournament and included in the All-star Five with Taurasi.
More arrests were expected, she said. “They flock like birds to areas where the rich and famous resided”, Carranza said. There, they found $50,000 in cash, watches, jewelry, designer bags and other valuables, Carranza said.02 October 2018
Mrs May said she now could not “accept what the European Union has put forward”. It is risky and unstable – politically and economically, ‘ he said.
03 October 2018
United won their first match of the Champions League group stage against Young Boys, but had to make do with a point today. It is a very hard group, yes. “It will be good for the team if we can beat Newcastle “.03 October 2018
Jack’s stores will be a mixture of entirely new sites, sites adjacent to existing Tesco stores, and converted Tesco stores. You’ve got to hand it to Dave Lewis – the decision to launch a new chain of budget stores is certainly ballsy.
Carlton Drake in the film, then joked that it was because Hardy’s scenes simply weren’t good enough to make the cut. Is that what you’re saying? I don’t think you need me to tell you that.
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