Oil prices rise, and Barclays sharply revises its forecasts

06 September, 2018, 05:11 | Author: Frank Williams
  • Hassan Rouhani speaks in Vienna Austria

US drillers added oil rigs for the first time in three weeks, increasing the rig count by 2 to 862.

Oil prices rose on Tuesday, with United States crude breaking through $70 a barrel, after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.

At 10:30 am Singapore time (0230 GMT), ICE November Brent crude futures were down a marginal 3 cents/b (0.04%) from Monday's settle at $78.12/b, while the NYMEX October light sweet crude contract was 26 cents/b (0.37%) higher than Friday's settle at $70.06/b.

Local refiners are finding it increasingly hard to maintain their Iranian oil imports without U.S. exemptions, as the companies will need to halt imports and clear transactions before the sanctions snap back on November 5. US markets were closed on Monday for Labor Day.

Current conditions have put Brent crude oil just a tad under the psychological $80 level.

On Monday the Anadarko Petroleum Corp announced that it had halted production and evacuated two facilities in the northern Gulf of Mexico in advance of Hurricane Gordon.

Second-month Brent futures traded at the biggest premium to third-month futures since early July.

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In a speech on June 4, the Leader slammed European governments for expecting the Iranian nation to both tolerate sanctions and give up its nuclear activities, saying that the country can not remain in "nuclear custody" when the sanctions are still in place. The US sanctions have already started to put curbs on Iranian oil imports.

As oil markets show growing global supply concern, Iraq is signaling the jitters may be overdone.

The economists added that in order to survive, Iran should "ensure that the remaining key trading partners will continue buying its oil and not bow to USA demands".

USA light crude jumped $1.60 a barrel from Friday's close to a peak of $71.40, its highest since mid-July, before easing to around $70.65 by 1340 GMT.

French bank BNP Paribas struck a similar tone, warning of "supply issues" for the rest of the year and into 2019.

The Iranian rial hit a record low against the US dollar on the unofficial market Monday amid a deterioration in the economic situation and the reimposition of sanctions by the United States. Even though sanctions don't officially take effect until November, Iran is already seeing customers flee as the US imposes penalties on buyers after Trump quit a 2015 nuclear accord with the country.

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