Brace for an oil market price rally in November: Details here

Oil prices climb as Iran sanctions loom

Oil prices climb as Iran sanctions loom

US crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday.

The IEA also said that higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.

"In addition, there is a risk to growth from an escalation of trade disputes", the Paris-based agency said.

OPEC says even though the global oil output had hit a high in August, prices could still rise due to instability in OPEC member nation Venezuela and lower production from sanctions-hit Iran.

Benchmark Brent crude LCOc1 futures rose 68 cents to settle at $79.74 a barrel. As a result, Sen said, oil prices jumping into the $90s is a real possibility within the next few months.

Tehran is facing the lack of most of its energy export markets because the Trump administration prepares to sanction its oil gross sales on November four after pulling out of the Iran nuclear deal in Would possibly maybe per chance also simply.

John Kemp, market analyst for Reuters, views 2019 is a radically different light: on Wednesday he stated in an opinion piece that "Slower growth in US production, when combined with strong demand, production problems in Venezuela and other countries, and the re-imposition of sanctions on Iran, is enough to tighten the global market in late 2019".

Russian Energy Minister Alexander Novak said USA trade measures against China are also contributing to the instability in the Global oil market.

Seahawks host linebacker Mychal Kendricks on free agent visit
Kendricks was indicted along with "Black-ish" TV writer Damilare Sonoiki, a Harvard educated former investment banker. He also claimed he didn't take any of the profits for himself but didn't elaborate on where the money went.

Trump administration to send US cellphones a test alert on Thursday
Everyone will then receive this message in English: "THIS IS A TEST of the National Wireless Emergency Alert System ". But it won't be a political message or attack on one of his perceived enemies-or at least, it's not supposed to be.

Georgia governor declares state of emergency ahead of Hurricane Florence
The entire coastlines of North and SC , in addition to some parts of southeastern Virginia, are under a mandatory evacuation plan. Moreover, high tides around noon and midnight these next few days will make the storm surges even worse, Samson said.

The OPEC said the price of its basket went up by $0.82 on Tuesday, compared with the closing price at the previous session, Efe news reported.

Despite fear of disruptions to global oil supplies and curbs on production, OPEC sees global oil supplies as sufficient - it's demand people should be worrying about.

OPEC and a group of non-OPEC countries agreed on 22-23 June to return to 100 percent compliance with oil output cuts that began in January 2017, after months of underproduction by Venezuela and others pushed adherence above 160 percent. US crude rose $1.65 a barrel to $70.90 after the report was issued.

U.S. crude inventories fell by 5.3 million barrels in the last week, the U.S. Energy Information Administration said on Wednesday.

Tanker data suggest Iranian crude exports are already off by about 500,000 bpd - some of it floating in tankers in the waters of the Gulf waiting to find ports to unload.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday reduced its forecast for 2019 global oil demand growth, pointing to economic risks.

Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the US sanctions against Iran.

That month Russian Federation produced 11.247 million barrels per day, a post-Soviet Union record high.

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