Economy

Oil jumps, then pares gains as Trump pressures Opec again

Oil jumps, then pares gains as Trump pressures Opec again

From November 4 onwards, the U.S. intends to target the oil exports of Iran.

Ben Luckock, who is the co-head of oil trading at fellow merchant Trafigura also said that crude oil prices could hike up to $90 per barrel by Christmas and $100 by the start of New Year as the markets tighten.

"It would be good for the price of oil for Iran to be able to sell it", the French leader said.

The IIF said in an updated note on Iran's economy that oil exports are falling even although Iran is selling key grades at a deep discount and using its own tankers to ship products to China and India at no extra cost.

US officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed the Organization of the Petroleum Exporting Countries (OPEC) to raise output.

United States crude supplies showed yet another gain, with USA inventories showing a rise of almost 3 million barrels in the week to September 21st, bringing to total count to over 400 million barrels of excess supply, reversing the market's forecast of a 1.3 million barrel decrease, and the added flow of U.S. oil is helping to take WTI back down from recent highs, though United States crude prices still remain well-elevated.

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Zangeneh also welcomed the outcome of a meeting Sunday between OPEC members and the cartel's allies, which ended without any decision to further increase oil output despite Trump's call for lower prices.

Daniel Jaeggi, the president of the commodity merchant Mercuria Energy Trading, said that because of the US sanctions against Iran, millions of barrels per day (bpd) of crude oil could be taken out of the market by the end of the fourth quarter this year, making oil prices spike up to $100 a barrel. USA light was $1.25 higher at $72.03.

This could result in the price of oil rising to $100 per barrel.

OPEC and non-OPEC including Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".


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