Oil jumps 2 percent as market tightens, more gains seen
27 September, 2018, 04:03 | Author: Mary Valdez
The physical Dubai crude market structure also strengthened to a multi-year high recently, with the spread between front-month cash Dubai and same-month Dubai swap at $1.44/b on Friday in Singapore, the highest since May 21, 2014 when it stood at $1.53/b.
Fibonacci projections at $82.84 (200% of the upleg from $77.36) and $83.89 (Fibo 238.2%) mark next targets, however, bulls may accelerate further in unobstructed positive environment.
"Fears that supply will be hit when the USA sanctions on Iran kick in come November are pushing up oil prices".
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Crude oil prices gapped higher from weekend trading, in response to announcements from delegates of the Organization of the Petroleum Countries and allied governments crossing the newswires.
Meanwhile, Daniel Jaeggi, president and co-founder of Mercuria Energy Trading said worldwide crude oilprices could surpass the $100/b level, indicating that the global oil market does not have an adequate supply response for a potential reduction in Iranian supplies.
But he said the trade war between China and the USA as well as Trump's sanctions on Iran were creating new challenges for oil markets.
"Last week, Mr. Trump verbally attacked OPEC and some traders thought we might see an increase in supply from the United States' Middle Eastern allies". "My information is that the markets are adequately supplied".
This report drew criticism from President Trump who called for the cartel and other non-OPEC members to increase production.
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In June this year, however, after months of cutting by more than their pact had called for, largely due to involuntary reductions from Venezuela and other producers, they agreed to boost output by returning to 100 percent compliance.
Saudi energy minister Khalid al-Falih said he did "not influence prices" and that increased oil output wasn't necessary, at a meeting in Algeria on Sunday.
Iran'sOPEC representative Hossein Kazempour Ardebili on Sunday said his country was continuing to meet its OPEC quota share.
"We don't believe OPEC can actually raise output significantly in the near term, as the physical spare capacity in the system is not that high".
The speculation has kept global crude prices high.
Brent futures were trading at $80.48 a barrel at noon Monday, up $2.24.
"While investments picked up slightly in 2017 compared to the previous two years, and the expectations are for higher levels again in 2018, it is vital that as an industry we ensure there is timely and adequate investment so as not to lead to a supply shortage in the future", OPEC Secretary-General Mohammad Barkindo said.
The country's producers continue to "monitor closely the supply and demand and we will respond in the appropriate manner and at the appropriate time, as may be necessary", said the saudi minister.
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Images of Klopp shouting at the Switzerland worldwide started doing the rounds on social media moments after the match. Virgil van Dijk paid lip service to the idea of full commitment by insisting Liverpool wanted to win every competition.
Semi-official news agency Mehr said further shooting broke out as some of the attackers who managed to escape were being chased. The Islamic Revolutionary Guards play a major role in Iran's regional interests in countries such as Iraq, Syria and Yemen.
But before imposing sanctions on other countries, Mr Hook said that the U.S. will ensure that it has a "well-supplied oil market". US Secretary of State Mike Pompeo also said he plans to go to Pyongyang soon to lay the groundwork for that meeting.
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Aberavon MP Stephen Kinnock warned: "One thing we know a referendum will not do, it will not reunite our country". He has strong support among grassroots members, many of whom have joined since he was elected leader in 2015.
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