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Oil rises due to supply concerns ahead of OPEC meeting and anticipation of Saudi output

2018-09-21 12:27 pm | Resource: News | No Views : 233

 Oil prices rose on Friday after falling the previous day as US President Donald Trump urged OPEC to cut crude prices, days before the OPEC meeting in Algeria.

Prices remained buoyed by concerns over supply shortages amid looming US sanctions against Iran's oil industry, which is due to come into effect in November.

Trump on Thursday called on the Organization of the Petroleum Exporting Countries (OPEC) to cut oil prices, saying on Twitter. "We protect the Middle East, they will not be safe for a long time without us, but they continue to push for higher and higher oil prices," Trump wrote on Twitter.

Trump's criticism was directed mainly at Saudi Arabia, OPEC's biggest producer, after the kingdom said it could tolerate oil prices above $ 80, at least in the short term

OPEC and its allies are set to meet on Sunday to discuss how to discuss increased production as the United States imposes sanctions on Iranian exports. But the meeting on Sunday is unlikely to change production policy. Such a move would require OPEC to hold what it calls an "extraordinary meeting," which is not on the agenda.

Oil and other energy contracts
  • The Brent global benchmark index for November delivery rose 75 cents, or 0.95 percent, to $ 79.44
  • US crude futures rose 0.71 percent to $ 70.81 a barrel.
  •  Gasoline futures rose 0.89% to $ 2.0324 a gallon.
  • While heating oil rose 0.90% to $ 2.2481 per gallon.
  • Natural gas futures fell 0.74% to $ 2.954 per million British thermal units.

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