Saudi Arabia, Russia Boost Oil Supply by 250000 Barrels in September

Saudi Arabia, Russia Boost Oil Supply by 250000 Barrels in September

LONDON, Oct 10 (Reuters) - The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as us sanctions on Iran reduce crude exports from the Islamic republic.

US crude futures settled up less than 1 percent at $74.96 per barrel, reflecting the declining importance of the Gulf of Mexico in output because of the growth of production from the nation's onshore shale fields.

The U.S. WTI (West Texas Intermediate) crude futures surged by 41 Cents or 0.5% and were at $74.70 a barrel.

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday.

Some 44 percent of the oil from Iran that arrived in India last month was initially planned to arrive in August, according to the tanker data and officials at two Indian state-run refiners, Reuters reports.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of U.S. dollars, Iran's trade in gold and other precious metals, and its automotive sector.

"The U.S. government's tough stance raised the stakes for a more significant Iran export loss than previously foreseen", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer. The OPEC, however, has forecasted non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018.

Storm Callum: Warning as heavy rain and wind continue to batter Lancashire
Rainfall totals could reach as high as 150mm over the Brecon Beacons, almost as high as the monthly average of 170mm for Wales. The M48 Severn crossing near Chepstow was shut eastbound and closed to high-sided vehicles westbound on Friday evening.

Oil traders will watch for the weekly US drilling rig count, an indicator of upcoming production, which is due at about 1 p.m. from Baker Hughes.

Crude oil prices are up today. Platts estimates crude oil volumes have fallen 11.5 percent, to 1.7 million barrels per day in September.

Saudi Arabia's September production rose to 10.50 million barrels a day, a month-over-month increase of about 100,000 barrels a day.

Iran's crude exports fell further in early October as buyers sought alternatives ahead of USA sanctions that take effect on November 4, according to tanker data and an industry source.

"Oil prices have stabilized for the moment - between a real and a metaphorical storm", said Fiona Cincotta, senior market analyst at City Index. As supply conditions continue to tighten, crude oil prices are rallying as a result.

According to Reuters, on 10 October, Hurricane Michael cut almost one-third of natural gas production and 42% of crude oil production in the US Gulf of Mexico.

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