Oil prices in NY highest in almost 4 years

King Salman

King Salman

Brent crude LCOc1 futures settled at $82.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $73.25 a barrel.

Gasoline pump prices are on the rise in the U.S. The national average gas price was $2.875 per gallon on Friday, according to AAA, up 1.4 percent in the past month and 11.7 percent higher than a year ago.

The oil price is little changed at close to $85 per barrel, Tuesday. In post-settlement trade, the contract continued to strengthen, rising to US$85.45 a barrel, the first trade above US$85 since November 2014.

Trade data in Refinitiv Eikon showed Iran's seaborne exports in September were just 1.9 million barrels per day, the lowest level since mid-2016.

Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once USA sanctions against major crude exporter Iran come into force in five weeks.

The US sanctions on Iran's oil industry could cripple the embattled nation's already struggling economy as it is created to ban the sale of the crude exports from the world's No. 3 producer in the Organization of Petroleum Exporting Countries (OPEC).

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That comes as the overall supply of oil looks set to decline, post USA sanctions against Iran and despite increases from Russian Federation and Saudi Arabia. "If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil", Tehran's oil minister, Bijan Zanganeh, said this week.

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With about 1.5 million barrels per day of Iranian oil expected to go offline on November 4, prices could "rocket higher with the flashy $100 per barrel price tag indeed a reasonable-sounding target", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. China's Sinopec said it halved loadings of Iranian oil in September.

With crude prices soaring and many currencies in emerging markets, including India's rupee and Indonesia's rupiah declining, analysts warn that economic growth may be eroded. The price of US WTI crude meanwhile, was similarly steady at $75.33.

"Even if they (Saudi Arabia) wanted to bend to President Trump's wishes, how much spare capacity does the Kingdom have?" he asked.

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