Oil Rises To Approximately $80

Devin Lawrence
October 22, 2018

USA benchmark West Texas Intermediate crude ended Thursday's trading session down $1.10, or 1.6%, to $68.65 a barrel, rebounding from a one-month low at $68.47/Bbl earlier in the session, Kallanish Energy reports.

Analysts with the Organization of Petroleum Exporting Countries (OPEC) are closely monitoring American output, warning members that rising USA production could drive down oil prices.

This is resulting in future prices far higher than the current market; futures markets for immediate delivery were worth $1.23 per pound on Friday, but are projected to be more than 10% higher a year from now.

US crude stocks rose 6.5-million barrels last week, the US Energy Information Administration said on Wednesday, the fourth consecutive weekly build and nearly triple what analysts had forecast. The usual rate of Iranian crude oil cargoes going into China has been between 1 million and 3 million barrels monthly.

President Donald Trump on Thursday acknowledged for the first time that dissident journalist Jamal Khashoggi is likely dead and saw there would be “very severe” consequences if it was determined that Saudi rulers were behind it, without specifying what they would be.

Global oil prices are falling as well, dropping over $8 per barrel during the last three weeks, driven lower by stock market turmoil and concerns that the trade wars could slow global economic activity.

U.S futures were up 31 cents at $71.88 a barrel.

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US State Department officials have said that "There are no blanket waivers that will be issued for any one country", and any waiver under CAATSA "would require, among other things, countries to significantly reduce their reliance on Russian arms".

WASHINGTON - Turkey's top refiner, Tupras, is in talks with USA officials to obtain a waiver allowing it to keep buying Iranian oil after Washington reinstates sanctions on the Islamic Republic's energy sector in November, industry sources said.

He also said that the USA response to Saudi Arabia would likely be "very severe" but he would still want to get to the bottom of what exactly happened. Some of the biggest refineries and commercial oil storage facilities in China are located in Dalian.

For the week, USA crude was down 3.5 percent, while Brent was 1.1 percent lower, putting both on track for a second consecutive weekly decline.

Meanwhile, revisions to global economic forecasts by the International Monetary Fund, fueled by trade disputes between the United States and its partners, "cast more uncertainty over oil demand growth in 2019", the document said.

More seriously for Saudi Arabia and other Arab oil producers, the surge in prices, which rose again after the Iranian revolution in 1979, resulted in permanent demand destruction and encouragement of alternative suppliers.

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