Oil falters as Trump ups pressure while Goldman dissuades bulls

27 September, 2018, 01:16 | Author: Sheri Evans
  • Petrol price crude oil

"It would be good for the price of oil for Iran to be able to sell it", the French leader said. Brent hit US$82.55 per barrel, its highest since Nov 10, 2014.

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

Trump's remarks came just days after OPEC, Russia and several other oil producers rebuffed his latest call to tamp down crude prices by boosting output.

The US President has repeatedly blamed OPEC for high oil prices, to which the organization replied that it has no power to control crude prices.

Iran vows to avenge deadly military parade attack
The Islamic State group also claimed the attack, but initially offered incorrect information about it and provided no proof. The official state news agency IRNA said 53 people had also been wounded and that many were in a critical condition.

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

Mr. Rouhani also did not rule out talks, but a change in USA policy will be needed first. In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation.

Crude oil prices touched new four-year highs yesterday as Brent crude - the worldwide benchmark for crude oil - touched $82.20 a barrel.

Speaking at the Asia Pacific Petroleum Conference (APPEC) in Singapore, the president of commodity merchant Mercuria Energy Trading, Daniel Jaeggi, said that almost two million barrels per day of crude could be removed from the market by the fourth quarter of 2018 due to these sanctions.

EU, Iran set financial 'vehicle' to ease trade between them
Iran has not requested a meeting with the U.S. president, a spokesman for Iran's mission to the United Nations said on Tuesday. General Assembly in NY where Trump is scheduled to address the gathering at 10:15 a.m. (1415 GMT).

"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".

"After the weekend's meeting, the voices of those who foresee 100 dollars a barrel and compare the current backdrop to the 2007/2008 bull run are getting louder", said PVM Oil Associates strategist Tamas Varga. "Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market", Zanganeh said.

The price of oil has been steadily going up since the early months of 2017.

"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end", wrote the analysts.

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