Sunday, 18 November, 2018

At $84, Oil Hits Highest Since 2014

The call comes days after the US president criticized OPEC for high oil prices The call comes days after the US president criticized OPEC for high oil prices
Rhonda Young | 03 October, 2018, 14:55

US oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once USA sanctions against Iran kick in next month.

Brent crude LCOc1 futures settled at $82.72 a barrel, while US West Texas Intermediate (WTI) crude CLc1 futures settled at $73.25 a barrel.

OPEC and oil traders are now in fundamental disagreement about the market outlook and the standoff is fuelling a sharp rise in prices that could spell trouble for the global economy over the next 18 months.

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Futures were little changed in NY after closing Monday at the highest since November 2014. Brent has climbed about 20 percent from its most recent lows in August.

"China and Europe will be severely damaged by the US sanctions against Iran", Zanganeh said.

India's challenges are high oil price, a declining rupee, rising interest rates and upcoming elections. "At the same time, the U.S. -Mexico-Canada Agreement is also improving the overall sentiment for oil".

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Soaring crude prices and weak emerging market currencies may erode economic growth.

Saudi Arabia will quietly add extra oil to the market in coming months to offset a drop in Iranian production but is anxious it might need to limit output next year as the United States pumps more crude. "Because, at some point of time, OPEC will also need to be anxious that if the prices just go up in countries like India and China and if the demand goes down, they may have the oil, but nobody will buy it", he said. And, as concerns over supply remain elevated, a growing pool of analysts are anticipating the price of the valuable commodity could hit $100 per barrel. "We were having a meeting to see what is it that we can do together as a refining industry to look at common goals", he said, adding that the government must continue engaging with the United States to get Iranian crude into India.

Meanwhile, the latest Reuters survey showed that the OPEC's production boost in September was limited by the declining Iranian oil imports ahead of the USA sanctions that are expected to into effect on November 4.

Buehler's day on as Dodgers advance, Brewers down Cubs
The loser of Monday's matchup between Los Angeles and Colorado will travel to either Chicago or Milwaukee for Tuesday's game. Walker Buehler was set to start for the Dodgers (91-71) as the defending NL champions try for a sixth straight West title.

By midday, the price of Brent crude was little changed at $84.49 per barrel. Kuwait has all but stopped shipping crude to the US for the first time since the aftermath of Saddam Hussein's invasion in 1990, eroding an economic link between Washington and the Arab petro-monarchy.

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