Given the current upside momentum, this price level could easily be achieved later today especially if additional U.S. Gulf oil operations are shutdown once the hurricane's path and strength are determined.
The reversal in oil prices from early July highs was triggered by easing threats of the tropical storm Gordon hitting the Gulf of Mexico.
Oil prices were also under pressure as global shippers stopped loading Iranian oil in preparation for USA sanctions against Iran.
The same day, Nigeria Oil Minister Emmanuel Ibe Kachikwu sought to reassure, saying Saudi Arabia and the United Arab Emirates, along with Nigeria and Angola, can bring enough oil to the market to help meet shortfalls from Iran. Five Chinese companies including state-run Chinaoil, Unipec, CNPC Fuel Oil and Zhenhua Oil, along with a private trader, delivered crude against the September contract, marking its first physical settlement event.
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Oil production is rising all across the top producers.
Tehran is offering nearly free shipping and extended credit period, arranging for tankers and insurance after Indian firms including Shipping Corp of India (SCI) were forced to halt voyages to Iran due to U.S. sanctions.
Considering the fact that the U.S. is looking to apply sanctions on Iran, third largest oil producer in OPEC, the sentiments of sanctions are keeping the oil supported.
But global oil markets are still fairly well supplied.
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Turning to Brent crude, India has allowed state refiners to buy Iranian crude oil if the country is willing to insure tankers. The high rig count has helped lift US crude production C-OUT-T-EIA by more than 30 percent since mid-2016 to 11 million bpd.
For 2020, Barclays said it expects Brent to average $75 per barrel, up from its previous forecast of just $55 a barrel.
Harry Tchilinguirian, oil strategist at BNP Paribas, struck a similar tone, warning of "supply issues" into 2019. Iran's oil exports are plummeting, as refiners scramble to find alternatives ahead of a re imposition of USA sanctions in early November.
Even though the crude market of late has seen sporadic upward movement based largely on fear that US sanctions against Iran and weekly USA inventory draws herald a market tightening, it's hard to ignore fundamentals suggesting the reverse: and on Monday crude prices held steady as data revealed rising supplies and slowing demand.
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