Oil eases, but Iran sanctions keep Brent above $80 a barrel

Why it matters: The increase in oil prices risks hurting the United States economy, a bright spot on Trump's record, just ahead of the crucial 2018 mid-term elections. Quite frankly, if we pull back from here it should be looked at as a potential buying opportunity and what should be a very bullish market going forward as the trade wars heat up, one of the sanctions that has been put on is the Iranian oil sanctions, and that has a tightening effect on supply obviously.

In a speech at the United Nations on Tuesday, Trump reiterated calls on Opec to pump more oil and stop raising prices.

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

The U.S. President spoke against the backdrop of rising oil price, which rose Monday to a four year-high at $81 per barrel and to $82 per barrel yesterday.

Mr. Rouhani also did not rule out talks, but a change in US policy will be needed first.

The so-called "Opec+" group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so. Washington wants to reduce Iran's oil exports effectively to zero with renewed sanctions in November and has been encouraging its allies to cut their oil imports from Iran.

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"If he wants the price of oil not to go up and the market not to get destabilised, 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".

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".

The coalition of roughly two dozen exporters has been limiting its output since January 2017 in order to end a punishing oil price downturn that bankrupted hundreds of American oil companies and heaped financial pressure on crude-producing nations. In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation.

US officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output.

At the same time, the demand worldwide is reaching 100 million barrels per day for the first time in history.

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