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High oil prices after comments by the Russian Energy Minister

2018-09-12 10:22 am | Resource: News | No Views : 40

 

Oil prices rose on Wednesday as investors looked for official data on US crude inventories and the Organization of the Petroleum Exporting Countries (OPEC) monthly report. The potential impact of the hurricane, which is moving toward the east coast of the United States, added to market concerns about US sanctions on Iran to provide it with a series of price hikes, the biggest increase since June.

As part of efforts to keep oil prices in a shaky state, energy officials in the United States are meeting with counterparts from Saudi Arabia and Russia this week. The three countries are the largest oil producers in the world. The United States wants to ensure Saudi Arabia and Russia continue to supply supplies to curb price hikes.

Novak: Oil prices rise from the trade war, the US sanctions

The world oil markets are affected by additional factors besides supply and demand, the most important of which is the US "trade war" with China and the sanctions policy against Moscow and Tehran, Russian Energy Minister Alexander Novak said on Wednesday. In November, US sanctions on Iran's oil sector will come into force.

Novak said at the Eastern Economic Forum in Vladivostok. "We can see that today's pricing situation is not only dependent on the balance of supply / demand or on the overall economic situation, but also on the uncertainty we see today in global markets: trade wars and sanctions by the United States," he said. Oil prices rise somewhat "from five to six dollars at the top of the usual oil price."
  • Following Novak's comments, the price of Brent futures for delivery for November rose 0.14% to reach 79.03 dollars a barrel at 10:58 am CET
  • While the average WTI crude for October delivery rose 0.55% to sell at $ 69.60 a barrel at 10:59 am CET.

In other energy trade
  • Petrol futures fell 0.35% to $ 2.0165 per gallon (09:32 GMT), while heating oil fell 0.15% to $ 2.2487 per gallon.
  • Finally, natural gas futures traded 0.42% to $ 2.840 per million British thermal units.


Other analysis

OIL Technical analysis 24 September 2018

Time frame Used - four hours Oil is moving in a sideway  direction in the near term Oil is still facing resistance and selling pressure around level of  71.44 forming a negative candlestick pattern   In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…

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