OPEC output rises 30K bpd in September

OPEC output rises 30K bpd in September

The further rise in oil prices came on the back of supply concerns before United States sanctions against Iran come into force next month.

An oil analyst has said crude prices will touch $100 per barrel as producers have no means to stop such a spiral - something not seen since 2014.

Oil prices opened firmly on Monday, with Brent hovering close its highest in almost four years ahead of USA sanctions against Iran that kick in next month.

WTI is up by nearly 18 percent since mid-August.

Brent has risen by more than 20% from its most recent lows in August, Reuters reported.

This is just as the price of crude oil, yesterday surged towards $84 per barrel, the highest so far this year this is as a result of output shortfalls in Iran, now being sanctioned by the United States. The world will need additional supplies as USA sanctions dissuade major importers including India and South Korea from purchasing Iranian crude.

Meanwhile, the USA and Canada forged an economic alliance on Sunday with the goal to save the North American Free Trade Agreement (NAFTA) as a trilateral deal with Mexico, CNBC said.

"The camp of believers that $100 oil could be reached continues to expand, with spare capacity concerns continuing to grow", said Brian Kessens, managing director at investment services firm Tortoise.

The high number of longs in Brent may leave the contract exposed to a slump when or if fund managers decide to take profits, but for more than a month now, the market has been expecting higher oil prices as the kick-off date of the Iran sanctions nears.

U.S. West Texas Intermediate (WTI) crude futures were at 73.57 dollars a barrel.

The global crude oil benchmark lost 37c to $84.61 a barrel by 12pm GMT after reaching a new four-year high of $85.45 in the previous session.

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

The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 907,000-barrel increase in crude supplies, a 1.7 million-barrel decline in gasoline stocks and a 1.2 million-barrel decrease in distillate inventories, according to a market participant.

Earlier US President Donald Trump called on OPEC to reduce oil prices immediately, naming it a "monopoly" and accusing it of manipulating the market.

Trump has been increasing pressure on OPEC, saying it's pushing oil prices too high. Britain's Barclays bank, however, said "OPEC has ample spare capacity".

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