Oil falls from four-year highs; Wall Street weighs

07 October, 2018, 12:29 | Author: Mary Valdez
  • Daily November WTI Crude Oil

"Trump blamed OPEC for rising oil prices in his speech at the United Nations, but the real reason is Trump himself and his sanctions on Iran", IRNA reported on Tuesday quoting Zanganeh as saying.

The oil supply shortage in the Mediterranean market, which will emerge once the US sanctions targeting Iranian oil come into force on November 4, is predicted to direct the market toward Russian Ural oil, a case that will eventually lead to intensified sea traffic in Istanbul and the Çanakkale Straits.

While the Organization of Petroleum Exporting Countries struggles to fill the void created by Iran and Venezuela, the talks between Saudi Arabia and Kuwait on restarting two oil fields in a neutral zone are said to have stalled again. "By that time all the bullish news will be in the market".

The trading sentiments dampened in futures trade as participants indulged in booking profits at current levels but Brent crude trading above USD 86 dollar, capped the losses.

As a result, he said, "these sanctions are likely to be a lot more effective than people even thought".

Overall U.S. exports also fell 917,000 bpd to 1.7 million bpd in the last week of September, according to the Energy Information Administration, as a stronger U.S. dollar and Brent's premium to WTI fell, making U.S. crude less affordable.

Estimates for how much of Iran's exports could be affected range from 500,000 bpd to 2 million bpd, and uncertainty over the impact could ultimately foster price swings in either direction.

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The worldwide oil benchmark, Brent crude, on Wednesday, jumped to $86 per barrel with traders weighing falls in Iranian exports over pending United States' sanctions.

It's now T minus 30 days and counting until the Trump administration's November 4 deadline for crude importers to stop purchasing Iranian product. After about 18 months of restraining supply, OPEC agreed to increase output.

U.S. President Donald Trump "thought he could shrink our country's oil revenues by imposing sanctions on Iran's oil sector and cutting its exports, but the rise in oil prices did not let that happen", said Nobakht.

The West Texas Intermediate (WTI) for November delivery once fell as much as 3.3 percent with daily low of 73.88 US dollars per barrel.

“While upside price risks will prevail for now, fundamental data outside of Iran has not turned bullish in our view, ” Goldman said in a note to clients.

As a effect, traders are more and more convinced the oil industry is heading to a price spike, "likely $90 to $100" within the year.



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