Oil jumps 2 % as market tightens, more gains seen

On Monday morning, Brent crude, the main European futures contract, rose above $80 United States a barrel to $80.43 United States at mid-morning. Trump said last week that OPEC "must get prices down now!" but Iranian Oil Minister Bijan Zanganeh said on Monday OPEC had not responded positively to Trump's demands.

Reuters reported that oil prices rose about 2% today as markets tightened ahead of Washington's new sanctions against Iran, with some traders forecasting a spike in crude to US$100 per barrel. USA light crude was $1.35 higher at $72.13.

For all these urgent supply pressures, the world's largest oil producers adopted a sit-back-and-wait approach at their meeting in the Algerian capital on Sunday.

South Korea has bought no Iranian crude oil for about three months after the reimposition of US sanctions on Tehran, a spokesman for the Iranian oil ministry was quoted as saying on Sunday by the ministry news website SHANA.

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is being convened in Algiers with the oil and energy minister of OPEC and non-OPEC countries including Russian Federation. However, the consensus has now moved to as much as 1.5 million barrels daily as the USA is "incredibly serious" about its measures, he said.

New sexual-misconduct accusation rocks Brett Kavanaugh's Supreme Court nomination
Grassley grants request to postpone Kavanaugh hearing to Thursday; "Fox & Friends First" panel weighs in. The New Yorker said it contacted Ramirez after learning of a possible incident with Kavanaugh .

Sanchez will deliver at Man United, says Pogba
When pressed on why United did not adopt a more positive approach, Pogba's frustration was evident. Maybe he's right, I don't know.

Rose opens Tour Championship with stellar 66
The 65 was Fowler's fourth in five rounds since coming back from an oblique injury following the PGA Championship at Bellerive. Tiger Woods plays a shot on the 18th hole during the first round of the TOUR Championship.

Commodity traders Trafigura and Mercuria said they expected Brent crude to climb above $90 by Christmas and to pass $100 early in 2019. -China trade war and supply, especially from the USA, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia.

"The market is well-supplied", Saudi Energy Minister Khalid Al-Falih said after a meeting of OPEC and its allies over the weekend. "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

The market was "increasingly concerned about dwindling (U.S.) inventories", ANZ bank said on Monday.

"Trade war and emerging-market contagion fears could still serve to keep a lid on prices in the near term, but we believe that the geopolitical risks remain skewed quite heavily to the upside", wrote analysts led by Helima Croft, global head of commodity strategy at RBC Capital Markets, in a note.

The U.S. decision to re-impose sanctions on Iran is already forcing refiners to look elsewhere for supplies of the heavy, sour crudes supplied by the Islamic Republic.

Related news:

Hot News

isis-killer-beheading-video-story-top Indonesian Teen Aldi Survives 49 Days at Sea in Drifting Fishing Hut
Sep 24, 2018 - 22:43
Another diplomat at the consulate, Fajar Firdaus, told the paper that "Aldi said he had been scared and often cried while adrift". Aldi Novel Adilang, 19, is a lamp keeper for a floating fish trap which was located 77 miles off the coast of Indonesia.

isis-killer-beheading-video-story-top Could you stay 30 hours in a coffin?
Sep 24, 2018 - 22:43
If you've been dying to take a 30-hour nap in a coffin and wouldn't mind getting $300 at the end of your repose, Six Flags St. They'll also get to keep the coffin if they fancy it, should they want to repeat the experience at home...

isis-killer-beheading-video-story-top Apple Watch Series 4 teardown reveals the magic behind the redesigned wearable
Sep 24, 2018 - 22:10
Apple Watch Series 4 has a battery that's 4% bigger than previous models, despite its thinner body. I went with the 44mm Apple Watch with cellular in the new gold stainless steel color.

isis-killer-beheading-video-story-top Samsung Galaxy A9 Star Pro with quad-camera setup surfaces
Sep 24, 2018 - 21:45
For connectivity , it has got 4G VoLTE features including standard features such as WiFi, GPS, Bluetooth and headphone jack. The front houses a 24MP cameras and will come with a 6.28-inch screen with FHD+ resolutions and a Snapdragon 660 processor .

isis-killer-beheading-video-story-top Dallas police fire Officer Amber Guyger
Sep 24, 2018 - 20:10
She told investigators that she had just ended a shift when she returned in uniform to the South Side Flats apartment complex. Guyger, who was hired by the department in November 2013, had been assigned to the city's Southeast Patrol Division.

isis-killer-beheading-video-story-top This might be our first look at the OnePlus 6T
Sep 24, 2018 - 19:23
It is being speculated that OnePlus 6T will come with a 6.4-inch Optic AMOLED display with an FHD+ resolution of 2340×1080 pixels. Also , OnePlus for the first time ever, will introduce the phone ( OnePlus 6T ) with T-Mobile carrier contract deal in the US.

isis-killer-beheading-video-story-top Crude Oil Gaps Higher After OPEC Cools Off Production Hikes
Sep 24, 2018 - 18:55
On Monday morning, Brent crude, the main European futures contract, rose above $80 USA a barrel to $80.43 U.S. at mid-morning. That suggests OPEC's power to influence the market will be tempered by USA production for about another decade.

isis-killer-beheading-video-story-top Russia to send newer, S-300 missile defense systems to Syria
Sep 24, 2018 - 18:38
The Kremlin said Russia's decision was not targeted against anyone and only serves to protect Russian troops in Syria. That would greatly limit Israeli operations over Syria, where it has been engaging Iranian and Hezbollah targets.

isis-killer-beheading-video-story-top China cancels trade talks with United States as new tariffs loom
Sep 24, 2018 - 18:25
Ironically, the document was unveiled during the Mid-Autumn Festival period, a major holiday in China. The US official said on Friday there was no date set for the next round of talks.

isis-killer-beheading-video-story-top Black-cab ride that led Comcast to aim for Sky
Sep 24, 2018 - 16:11
But Comcast's final winning bid on Saturday - which gives Sky an enterprise value of over £30 billion - dwarfed Fox's. Fox proposed remedying this by selling the rolling TV news channel to Disney should it win full control of Sky.

isis-killer-beheading-video-story-top Cryptocurrency XRP is leading price increase as Ripple looks to new launch
Sep 24, 2018 - 14:56
The company has struck deals with various high-profile financial institutions, including Santander and American Express. After Ripple has made the announcement regarding this partnership, PNC bank's stock went up a lot.

isis-killer-beheading-video-story-top OnPolitics Today: Kavanaugh's 'can't win situation' for the GOP
Sep 24, 2018 - 14:16
She alleged she was able to flee after Kavanaugh's friend, Mark Judge, jumped on the bed and knocked her and Kavanaugh off. But he said the Judiciary Committee should consider proceeding with a vote if she does not testify under oath.

isis-killer-beheading-video-story-top Djokovic hits Federer, pair lose in doubles at Laver Cup
Sep 24, 2018 - 13:43
It will most likely spend the year at the International Tennis Hall of Fame in Newport, R.I., a tournament spokesperson said. Isner and Sock saved two match points in the super tiebreaker on their way to their doubles win.

isis-killer-beheading-video-story-top Strawberry sabotage crisis spreads to New Zealand
Sep 24, 2018 - 13:18
Authorities in New Zealand are investigating the discovery of a needle in a punnet of strawberries sourced from Australia. You're putting the livelihoods of hard-working Australians at risk and you're scaring children.

isis-killer-beheading-video-story-top President Rouhani: Iran ready to confront USA , 'small mercenary states'
Sep 24, 2018 - 12:56
Not everyone in Iran thought it would be good idea for Rouhani to travel to the U.S.in the first place. He adds: "We will destroy them with a strong and guerrilla-style attack, inshallah (God willing)".