Crude prices to remain volatile

Crude prices to remain volatile

Crude prices to remain volatile

Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.

On Friday, global oil bench mark Brent crude fell 35 cents to settle at $77.42 per barrel, while NYMEX-traded US benchmark West Texas Intermediate (WTI) was down 45 cents for the day to settle at $69.80 per barrel.

As oil markets show growing global supply concern, Iraq is signaling the jitters may be overdone.

Many worldwide shippers have stopped loading Iranian oil as USA financial sanctions against Tehran prevents them from insuring its cargoes.

Buyers have already begun shunning Iranian barrels as the market prepares for the onset of fresh US sanctions in November.

Oil posted a 1.5 percent gain in August in NY and the global benchmark Brent also rose as investors focus on the impact Iranian sanctions are having on global crude markets. In fact, the USA has increased oil production by 30% since the middle of 2016 to its current rate of 11 million barrels of oil per day.

Town Reacts to the S. 377 Verdict Decriminalising Homosexuality
But Chief Justice Misra finally observed that the Bench should first decide the question of the constitutionality of Section 377 . According to official data, 2,187 cases under Section 377 were registered in 2016 under the category of " unnatural offences ".

Steve Bannon Calls David Remnick 'Gutless'
By Monday evening, Remnick informed staff that Bannon would no longer attend . Jim Carrey played his disapproval with a little more lightheartedness.

Two pro-regime fighters killed in Damascus airport blast: monitor
President Recep Tayyip Erdoğan will travel to Tehran for a trilateral meeting with his Iranian and Russian counterparts on Friday. The airport has been targeted in a number of airstrikes in recent years that the government has blamed on Israel.

Public discontent and calls for regime change continue, as protests rock the country, putting pressure on President Hassan Rohani's government. The move would mean that around 50 percent of Chinese exports to the USA would be subject to extra duties.

Both benchmarks jumped earlier in the session as more oil producers pulled employees out of Tropical Storm Gordon's path and shut-in 9 percent of U.S. Gulf of Mexico oil and gas production on Tuesday. Iran, facing the risk of declining sales of its biggest export, will try to close the Strait of Hormuz, a vital conduit for Middle East shipments, if its own flows are blockaded, a top military official said.

David Maher, managing director for energy at commodity trading house RCMA Group, said Venezuela's "declines will continue" as a "lack of cash and infrastructural collapse (are) not easy to fix".

At 1200 GMT, October WTI crude oil is trading $71.13, up $1.33 or +1.91% and November Brent crude oil is at $79.31, up $1.67 or +2.15%.

At the start of the week after the long US holiday week-end, crude oil was already being underpinned by supply issues after global markets had tightened throughout the month of August.

Current conditions have put Brent crude oil just a tad under the psychological $80 level.

Related news