Iran oil exports fall before US sanctions: global banking group

Quite frankly, if we pull back from here it should be looked at as a potential buying opportunity and what should be a very bullish market going forward as the trade wars heat up, one of the sanctions that has been put on is the Iranian oil sanctions, and that has a tightening effect on supply obviously.

The price of Brent crude oil has reached its highest since November 2014 and could strengthen further amid concerns that the world's major oil producers would struggle to increase output, as called for repeatedly by US President Donald Trump, even if they wanted to.

Trump, who spoke at the United Nations General Assembly in NY yesterday, lashed out at OPEC and its allies for keeping oil price high, saying that high oil prices negatively affect the economies of the world.

Iranian Minister of Petroleum has welcomed OPECs decision effectively rebuffing President Donald Trump's calls for a hike in oil output, saying U.S. empty dream to zero Irans oil exports would not realize.

"We view that crude market risks are heavily skewed to the upside and whilst we are not explicitly forecasting Brent to rise to $100 per barrel, we see material risks of this coming to fruition", Japanese bank Mitsubishi UFJ Financial Group said in a note to clients.

Oil prices jumped more than two per cent to a four-year high on Monday after Saudi Arabia and Russian Federation ruled out any immediate increase in production.

Trump says Democrats using `con game´ to sink Kavanaugh court bid
In fact, it was Trump himself who said of the FBI: "They don't do that". "I've had a lot of false charges against me", Trump said. She has said she was inebriated as well and has admitted to holes in her memory of some details.

Commercial crude stocks C-STK-T-EIA rose by 1.85 million barrels, to 395.99 million barrels, the EIA data showed.

Expectation of a tightening supply in the global oil market in the coming months has pushed crude oil prices higher, say analysts.

The American Petroleum Institute (API) yesterday reported a build of 2.903 million barrels in United States crude oil inventories for the week ending September 21, compared to analysts' expectations of a draw of 1.279 million barrels.

Earlier on Monday, Oil prices rose by nearly 2 percent as the US sanctions restricted Iranian crude exports, which helped tighten the total global supply.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $72.41 a barrel, up 84 cents, or 1.2 percent from their last settlement.

According to the Goldman analysts, led by Damien Courvalin and Jeffrey Currie, production from other OPEC producers and Russian Federation will offset losses out of Iran.

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