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16 September 2018, 10:54 | Austin Hogan
Oil prices climb as Iran sanctions loom
Still, traders said overall market sentiment was cautious because of concerns over the demand outlook amid the trade dispute between the United States and China.
According to secondary sources (not the producers themselves) total crude oil production by OPEC members averaged 32.56 Mmbpd in August, an increase of 278,000 Bpd over the previous month.
Benchmark Brent crude futures were up $1.01 at $80.07 a barrel by 10:58 a.m. EDT (1458 GMT) after reaching $80.13 a barrel, its highest since May 22.
Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.
In the USA, crude inventories dropped by 5.3 million barrels to 396.2 million barrels last week, the lowest since February 2015, according to the Energy Information Administration data.
Oil has climbed over the past month, with Brent in London briefly breaking past $80 a barrel, as the impending United States sanctions on Iran start removing barrels from markets, and shrinking American inventories combined with slowing production growth raise fears over a global supply crunch.
"A solid draw to crude inventories this week was the result of a counter-seasonal increase in refining activity - at a point when we should be tumbling into fall maintenance", said Matt Smith, director of commodities research at ClipperData.
South Korea has made a decision to comply with US demands to cut oil imports from Iran to zero, becoming the first to do so out of the top three buyers. WTI futures gained 2.5 percent in the previous session.
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They couldn't, allowing quarterback Andy Dalton to attempt throws he never would have tried if Mosley were back there. Bengals: Preston Brown was inactive with an injured right ankle, leaving Cincinnati without two top linebackers.
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Top buyers China and India have already cut back purchases from Tehran, and other countries are likely to do the same between now and November.
The IEA reported that global oil demand growth for 2018 and 2019 are unchanged, remaining at 1.4 million bpd and 1.5 million bpd, respectively.
Novak said global oil markets were "fragile" due to geopolitical risks and supply disruptions, but added his country could raise output if needed.
US production has returned to 2014 boom levels, but the energy agency said USA output will grow more slowly next year due to bottlenecks in getting oil to markets.
That month Russian Federation produced 11.247 million barrels per day, a post-Soviet Union record high.
The American Petroleum Institute (API) on Tuesday reported a huge draw of 8.636 million barrels in the USA crude oil inventories for the week ending September 7.
"We can see that the pricing situation today depends not just on the supply/demand balance or the general economic situation but also on the uncertainty that we observe today in the global markets: the trade wars, the sanctions that the USA pursues", Novak told CNBC.
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