Published: Mon, July 09, 2018
Markets | By Noel Gibbs

Oil Surges Above $75 in NY as Supply Outages Outpace OPEC

Oil Surges Above $75 in NY as Supply Outages Outpace OPEC

Oil prices have indeed been by Trump's decision to withdraw from the Iran nuclear deal and to impose sanctions blocking American and most European countries from doing business with Iran. S. defends many of their members for very little dollars. This must be a two way street.

"With contentious midterm USA elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.

Oil will soon cost $100 per barrel due to supply disruptions caused by the United States President, Donald Trump, Iran's representative at the Organisation of Petroleum Exporting Countries, Hossein Ardebili, has said.

Trump's tweet follows a Bloomberg earlier this week, which said that state oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels per day, citing unnamed sources. Any time there's talk of increased production or even a suggestion, prices tend to go down. "We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil", a representative of the Iranian parliament's energy committee, Asadollah Qarekhani, was quoted by Sputnik as saying.

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Renewed U.S. sanctions on Iranian oil appear set to tighten supplies further.

Oil traded near $74 a barrel in NY as Saudi Arabia's pledges to boost supply assuaged concerns of a shortage, while a decline in crude stockpiles in the US inflamed them.

Also on Thursday, data showed USA crude stockpiles rose unexpectedly last week by 1.2 million barrels.

U.S. West Texas Intermediate (WTI) crude futures were down 45 cents, or 0.6%, at $73.69 per barrel.

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Kazempour's defense of OPEC came one day after Trump took to Twitter to attack the organization for its inaction on rising oil prices.

Trump indirectly linked US foreign policy to his demand, saying the USA defends some oil producing countries "for very little" money. "REDUCE PRICING NOW!" he added.

He added that his refinery had canceled USA crude imports and would switch to Middle East or West African supplies instead.

OPEC and its allies, namely Russian Federation, had agreed in a June meeting to effectively raise output by 1 million barrels a day to help counteract lost barrels from Venezuela and Iran. Analysts and traders were predicting a draw of 1 million barrels. Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

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In late morning trading Thursday, the price of the worldwide benchmark Brent grade of crude oil was little changed at $77.85 a barrel.

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