Oil drums stored in a warehouse at the Ladol free trade zone port in Lagos.
Brent crude rose to $83 per barrel on Monday even as exports from Iran thinned further with the new United States sanctions set to be slapped in November.
Brent for November delivery rose $1.06 to $82.78 a barrel at 11:14 a.m. on the ICE Futures Europe exchange in London. In post-settlement trade, the contract continued to strengthen, rising to US$85.45 a barrel, the first trade above US$85 since November 2014.
USA and global benchmark crude futures were poised Friday to post a third straight weekly gain but according to Dow Jones Market Data, October is the worst month for Brent crude, based on average monthly performance since 1990, while November stands as the worst for West Texas Intermediate.
Meanwhile, the USA and Canada forged an economic alliance on Sunday with the goal to save the North American Free Trade Agreement (NAFTA) as a trilateral deal with Mexico, CNBC said.
Fears are growing that the constriction of Iranian exports by US sanctions and the collapse of Venezuela's oil industry will leave a deep shortfall in the market.
Investors have loaded up on options that give the holder the right to buy Brent at US$90 by the end of October. Open interest in call options at $90 has risen by almost 12,000 lots in the past week to 38,000 lots, or 38 million barrels.
Worldwide benchmark Brent crude oil futures were at $85.03 per barrel at 0439 GMT, up 5 cents from their last close, and not far off the $85.45 peak reached in the previous session, the highest since November 2014.
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.
With just weeks left until the sanctions are imposed, oil buyers are looking for new suppliers to avoid breaching the United States sanctions, which take effect from November 4.
Brent was pushed up by the looming sanctions against Iran, which will start targeting its oil sector from November 4. "However, such optimistic claims are falling on deaf ears", PVM Oil Associates strategist Stephen Brennock said. China's Sinopec said it had halved loadings of Iranian oil in September. USA officials have been working with refiners in Asia to find replacements or Iranian oil.
Donald Trump spoke on the phone Saturday with King Salman of Saudi Arabia, days after the US president's latest criticism of OPEC over high oil prices.
Britain's Barclays bank, however, said "OPEC has ample spare capacity".
"Already at $80, we are seeing emerging-market local oil prices pretty close to where we peaked a few years ago. the race to protect consumers from further price rises from here could potentially impact demand growth sooner than would otherwise have been expected", Hansen said.
After making the comments, Hardy has since insisted that despite bits being cut out, he still loves everything about the movie. Tom admitted his favourite part of the film had been cut from the final version in an interview with ComicsExplained .
He'd be barred from taking back the chairmanship for three years , but he can continue to serve as Tesla's CEO . The move brings a conclusion to the SEC fraud charges over his infamous "funding secured" tweet .
The Times said its analysis drew on tax returns of Trump's father, among other documents, but not Trump's personal tax returns. But the newspaper said its exhaustive investigation of tax returns and confidential records found this was not true.
Under the new USMCA deal, Canada must amend its domestic grain-grading standards for wheat to match the existing American policy. Before that happens, there are a number of hurdles that require clearing - and in the meantime, old NAFTA is still in effect.
He noted that Turkey lifted the state of emergency following the June 24 presidential and parliamentary elections in the country. On recent developments in the Turkish economy, Erdogan said, "They tried to topple our economy under the cover of darkness".
Diplomats can still obtain visas for their partners if they get married, including if they do so while in the United States. The officials also noted that the requirement would align the policy of the one that applies to USA diplomats overseas .
Pushed further on the squad's attitude, Mourinho added: "I think that some care more than others", while refusing to name names. And make it plain that the way both are behaving demonstrates that neither are really on Manchester United's side either.
The investigation began over Fan's reported income from the upcoming film Air Strike starring Bruce Willis, Xinhua reported. Her vanishing act sparked wild speculation in China about her fate, including reports that she had been detained.
It takes an average of five days for symptoms to appear exposure, with headache, fever and nausea the main symptoms. Parsons Jr., said the park will continue to comply with requests related to the investigation of Stabile's death.
Torres' blast gives Yankees MLB home run record
Stanton's homer on Saturday was his 38th, which leads the team. "Excited to go chase it down", Yankees manager Aaron Boone said. The Yankees host Oakland on Wednesday night in a wildcard matchup and could well end up back here Friday for Game 1 of the A.L.
Buehler's day on as Dodgers advance, Brewers down Cubs
He has 109 RBIs, two behind leader Javier Baez of the Cubs, and Yelich's 36 home runs are one behind Nolan Arenado of the Rockies. Jorge De La Rosa worked a hitless ninth inning to move the Cubs back into a tie with the Brewers at 95-67.
Surface Pro, Surface Laptop Updates Leak, Still Lack USB-C
Much of Microsoft's improvements went toward the display, which is now 38 percent brighter and has 22 percent more contrast. These days, it's a true laptop alternative, and as you'd expect, the Surface Pro 6 is the most powerful version yet.
Donald Trump: 'Scary time for young men' in US
President Donald Trump nominated Kavanaugh in July to succeed retiring Justice Anthony Kennedy on the top USA court. She also said that she was one of the victims, reported Business Insider.