Oil jumps to four-year high

Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

Trump has repeatedly called for a hike in production by countries other than Iran to reduce oil prices, which have partially recovered since the December 2016 agreement, to trade close to $80 per barrel this month.

OPEC launched the report on Sunday in Algiers, as its members met there with allies to discuss whether to increase production.

The United States will target Iran's oil exports with sanctions from November 4, with Washington applying pressure on governments and companies around the world to fall into line and cut their purchases.

An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question, according to a new report.

Analysts at commodity merchants Trafigura and Mercuria said on Monday that as much as two million barrels of oil could be taken off the market as tougher USA sanctions against Iran come into force, and this will drive prices up. This comes after the US Congress has reconsidered legislation aimed at preventing OPEC from manipulating oil prices. "The market is well-supplied", Saudi Energy Minister Khalid Al-Falih said after a meeting of OPEC and its allies over the weekend.

Djokovic hits Federer, pair lose in doubles at Laver Cup
Edmund then raced to a 7-2 lead in the 10-point tie-breaker that is used in the Laver Cup when the first two sets are split. McEnroe interrupted saying: "Don't believe a word he's saying, he's trying to get sympathy, that's incredible".

"The sanctions and the trade wars imposed by some powers will have an impact on the global economy and therefore on the oil market", Novak said on Sunday in his opening notes at the 10th OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Algiers, the capital of Algeria, Xinhua reported.

Crude oil producers led by Saudi Arabia and Russian Federation said Sunday they see no reason to rush to increase output, despite pressure from President Trump to pump more oil and hold down prices.

Falih said Saudi Arabia has spare capacity to boost output but that this action was not necessary for now, and might not be needed next year because OPEC projects there will be a marked rise in oil production from non-OPEC countries which could outpace global demand.

Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.

WATCH: What's next for Iran oil?

Trump attacks second Kavanaugh accuser
Bob Corker, R-Tenn., was clearly leaning toward supporting Kavanaugh. "I'm confident he will be confirmed in the near future". He accused Republicans of continually changing conditions of how Ramirez could tell her story. "She was totally messed up.

Saudi Arabia signalled the kingdom is in no rush to bring oil prices down from current levels.

4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.

Fund managers boosted their net position in Brent (+28 million barrels) and US gasoline (+4 million) but cut positions in USA heating oil (-4 million), European gasoil (-9 million) and WTI (-16 million barrels).

However, many industry executives maintained a cautious stance as OPEC may struggle to fully make up for the potential loss of Iranian barrels in the worldwide market over the coming months, if not years. -China trade war and supply, especially from the US, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia.

Giroud reveals why Liverpool doubleheader is crucial for Chelsea
Cesar Azpilicueta, a two-time Premier League victor with Chelsea , said they must try to challenge for the title this season. But today it was very hard to play inside.

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