Oil prices rise on lower U.S. crude inventories, looming Iran sanctions

Emissions rise from an oil refinery at sunset in Texas City Texas U.S. on Thursday Feb. 16 2017

Eyes will be on Iranian oil import data from China and India who typically import around 500-700k barrels.

HSBC has warned that Brent crude oil could reach $100 a barrel, raising its price forecast through 2020.

Expect a major oil price rally in November as a direct result of sanctions on Iran, not to mention a moribund Venezuelan oil production, and United States oil reserves falling.

While US policy on sanctions against Iran has helped to support the oil price in recent weeks, its trade wars with China and Turkey are competing as a downward drag on the market.

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

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.

Front-month U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.45 percent, at 0651 GMT, at $66.73 per barrel.

Brent crude futures were last down 23 cents on the day at $78.83 a barrel by 3pm, having touched a session peak of $79.66, the highest since late May, when the price broke above $80.

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"We can see that the pricing situation today depends not just on the supply/demand balance or the general economic situation but also on the uncertainty that we observe today in the global markets: the trade wars, the sanctions that the USA pursues", Novak told CNBC.

The increased revenues seem to have resulted from a jump in oil prices this year as well as Iran's high oil export volume during part of that period. As Florence moves closer to the southeastern coast of the US, the storm appears likely to strengthen, forecasters said.

Washington on Monday offered 11 million barrels of high-sulphur, or sour, crude from its Strategic Petroleum Reserve (SPR) for delivery from October 1 to November 30.

Novak said global oil markets were "fragile" due to geopolitical risk and supply disruptions.

The Paris-based IEA maintained its forecast of strong growth in global oil demand this year of 1.4 million bpd and another 1.5 million bpd in 2019, unchanged from its previous projection. The Persian Gulf state is the third-biggest producer among Opec members.

The global record came as output from the Organization of the Petroleum Exporting Countries rose to a nine-month high of over 32 million barrels per day (mb/d).

Prices were also pushed up by Hurricane Florence, which is expected to make landfall on the U.S. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses.

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