Friday, 19 October, 2018

Brent oil trades steady near four-year high while U.S. crude retreats

Iran to continue exporting crude despite fresh US sanctions – official Iran: US wish to halt Iran's crude exports won't come true
Elsie Buchanan | 27 September, 2018, 06:32

It wasn't clear whether Trump's praise of India was directly related to its cutting off Iranian oil, though USA officials have been pushing allies to wean themselves from Iranian crude.

Speaking at the Asia Pacific Petroleum Conference (APPEC) in Singapore, the president of commodity merchant Mercuria Energy Trading, Daniel Jaeggi, said that almost two million barrels per day of crude could be removed from the market by the fourth quarter of 2018 due to these sanctions.

The so-called 'OPEC+' group, which includes other oil producers, including the world's biggest Russian Federation, as well as Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group did not see the need to add new output as the market is well-supplied now. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday.

US President Donald Trump takes part in a "listening session" on gun violence with teachers and students in the State Dining Room of the White House on 21 February 2018.

Speaking on Tuesday, Trump said that OPEC members were "as usual ripping off the rest of the world".

Brett Kavanaugh says he 'never sexually assaulted anyone,' in prepared hearing remarks
Kavanaugh's march toward Senate confirmation has been rocked by allegations of decades-old sexual improprieties from two women. Lisa Murkowski is once again again in the spotlight for comments on allegations of sexual misconduct made against U.S.


Oil prices rose steeply on Tuesday afternoon just as US President Donald Trump urged worldwide producers to bring down the cost of crude. US light was $1.25 higher at $72.03. "It's good for peace and it's good for the shape of the worldwide price of oil".

Brent remains on course for its fifth consecutive quarterly increase, the longest stretch since early 2007 when a six-quarter run led to a record-high price of $147.50 a barrel.

Oil benchmark Brent traded little changed on Wednesday after rising to its highest in almost four years in the previous session while U.S. crude futures fell as United States' officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran.

The so-called "OPEC+" group, which includes non-OPEC members such as Russian Federation, met over the weekend but decided not to boost output. Eventually, I do believe that the market will be used to that price and we will be able to go higher, but we may be a little bit overextended over the last couple of days.

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