Oil sets sight on $100

24 September, 2018, 23:08 | Author: Regina Silva

But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost.

Crude oil futures have spiked in early Asian trade on Monday, a move unlikely to be welcomed by US President Donald Trump who took to Twitter late last night to express his displeasure at recent price gains.

The threats of disruption as well as the early supply cuts have helped to lift Brent crude futures to almost $80 a barrel this month, a level not seen since 2014.

But if prices really are expected to rise sharply in the coming months on the back of the US sanctions against Iran, it may make sense to buy longer-dated oil at the current prices. It could prompt Washington to consider extraordinary measures, including the use of the Strategic Petroleum Reserve, to cool down fuel prices ahead of the U.S. mid-term elections. Furthermore, it leaves the market extremely vulnerable to supply disruptions. WTI crude, the benchmark North American contract, was up 1.7 per cent at $72 United States a barrel.

"OPEC is one of the third world's biggest accomplishments in my view, not just in terms of oil producers, but it's an organization that can be effective in the world's economy and it's a good, strong foundation", he underlined.

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Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity. -China trade war and supply, especially from the USA, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia. "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

With markets showing signs of further tightening ahead of impending new Iran sanctions, traders and analysts are predicting that oil could scale above $90 per barrel.

Wall Street bankers and hedge funds also saw some caveats to the bullish mood.

Higher prices tend to mean higher petrol costs.

Crude oil futures have spiked in early Asian trade, gaining more than 1%. That was the highest level since November 12, 2014. The U.S. Energy Information Administration (EIA) expects domestic crude oil production will increase over the next five years and then flatten after 2022, staying at about 11 million to 12 million barrels per day through 2050.


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