Crude Oil Price Steady Following Inventory Report

Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

We will remember. The OPEC monopoly must get prices down now!' Trump wrote in his latest volley on Twitter.

U.S. West Texas Intermediate crude futures were up 26 cents at $71.03 after climbing almost 2 percent the previous day.

Brent crude oil was up 75c at $79.45 a barrel by 9.55am GMT. The commercial crude oil inventories excluding SPR is 16.6 percent below the levels of the same week previous year.

U.S. Energy Secretary Rick Perry had separate meetings with Saudi Arabian and Russian officials this month.

The rebound gained steam earlier this year after production problems in countries like Venezuela and Libya caused the group to cut more deeply than they intended.

China denies meddling in United States elections, demands ‘respect’
This means the additional levies will hit more than half of USA goods from China - its largest source of imports. Therefore, China's growth stands to suffer more than the United States does, again, in the short term.

It seems the damage from the Iran sanctions is underpinning the market, encouraging speculators to buy on the dips, while fresh supply news like weekly API and EIA reports is providing the firepower for weekly price spikes.

"The OPEC monopoly must get prices down now!"

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming United States sanctions against Iran, which are set to take effect in November.

Crude inventories fell 2.1 million barrels (Mmbbl) in the week ended September 14, to 394.1 Mmbbl - the lowest level since February 2015 - the Energy Information Administration reported.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.843, up less than a penny from $2.839 a week ago and virtually unchanged compared with the month-ago price. A Bloomberg survey of analysts forecasts a 2.5-million-barrel decline in nationwide inventories.

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Interested buyers can pre-order the iPhone XS , XS Max on jio.com, MyJio app, and also from MyJio and Reliance Digital stores. Everything else in the iPhone XS is mostly the same as the iPhone X, at least in its internals.

USA sanctions affecting Iran's oil exports come into force on November 4.

With the caveat that it's quite possible to over-interpret Trump's tweets, today's action underscores the tricky oil politics facing the White House.

Jason Gammel, analyst at USA bank Jefferies, said he expects Saudi Arabia to try to keep the oil market adequately supplied into 2019, "but at the cost of spare capacity", a key supply buffer to prevent oil price volatility.

"Spare capacity could fall below 1 percent of demand by year-end if Iranian exports fall below 1 million barrels per day, as now seems likely", Gammel said. But it is unclear how easily other producers can compensate for any lost supply.

Falih met with Russian counterpart Alexander Novak last weekend to align their positions, with the two ministers saying in a joint statement that they remained committed to "ensuring the adequacy of oil supplies, especially considering market uncertainties on the horizon".

Oil cartel backs Iran in face of looming USA sanctions
It warned that prices could rise above $80 unless producers compensate for lost supply from OPEC members Iran and Venezuela. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).

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