Oil Prices Rise Despite US Efforts to Increase Oil OutputNaija247news

Crude Oil

Crude Oil

In New York last night the price was $78.43, up 1 per cent so far this month.

Brent Crude for November settlement advanced $1.69 to settle at $79.06 on the ICE Futures Europe exchange.

The EIA's most recent weekly ethanol production data shows production reached 1.087 million barrels per day the week ending August 31, up from 1.07 million barrels per day the previous week.

"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories", said William O'Loughlin of Australia's Rivkin Securities.

Oil traded below $70 a barrel as investors assessed whether other Organization of the Petroleum Exporting Countries (Opec) members can fill the supply gap created by U.S. sanctions on Iran and economic collapse in Venezuela.

However, the drop has only seen exports fall to near March 2016 levels, when the US was not pursuing a sanctions policy against Iran and the Iran nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), was in effect.

"If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise" unless there are offsetting production increases elsewhere, it said.

U.S. efforts to isolate Iran have disrupted shipments from OPEC's No 3 supplier at the same time that American crude stockpiles dwindled to a 3 1/2-year low.

Vikings waive Carlson after three-miss day, sign Bailey
After his first field goal attempt in OT sailed wide right, Minnesota went back to Carlson to kick a 35-yard would-be victor . Most recently, Blair Walsh missed a potential game-winning 27-yarder against the Seattle Seahawks in the 2016 Wild Card game.

OPEC and its allies are in constant contact on production, Russian Energy Minister Alexander Novak said.

Innes said the slight dips on Thursday came as rising refined product inventories, which the EIA also reported, "slightly dampened market overexuberance" as it indicated that US fuel demand may be weakening.

"But we are clear that these are commercial decisions-dependent on how competitively oil is priced and on the requirements of our refineries", said the official.

US crude production is expected to rise by 840,000 barrels per day to 11.5 million bpd next year, lower than a previous expectation for it to rise 1.02 million bpd to 11.7 million, according to a report from the US Energy Information Administration.

Iranian oil exports have fallen ahead of the planned introduction of U.S. sanctions on crude exports from the country that come into effect on Nov 4.

Analysts expect the decline in Iran's crude exports to accelerate this month and next, putting upward pressure on oil prices.

The storm is expected to make landfall on the U.S. East Coast on Friday, and has caused fuel shortages as millions of households and businesses have evacuated.

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