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Oil prices rose as Iran’s crude oil exports fell and the hurricane approached

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Oil prices rose about 1% on Tuesday as more and more signs showed that Iranian crude oil exports fell before the new US sanctions were imposed, and Hurricane Michael approached the closure of some of the US Gulf of Mexico crude oil production facilities.
Brent crude oil futures LCOc1 rose $1.09, or 1.30%, to close at $85.00 a barrel. The global indicator crude oil hit a four-year high of $86.74 last week, but it was low at $82.66 on Monday.

US crude oil futures CLc1 rose 0.67 US dollars, or 0.90%, to close at 74.96 US dollars per barrel.

According to tanker data and industry sources, Iran’s oil exports fell further in the first week of October, as buyers sought alternative supplies before the US began to impose sanctions on Iraq on November 4.

According to Refinitiv Eikon, Iran exported 1.1 million barrels per day of oil in the first week of October. An industry source who followed the export said that Iran’s exports to date from October to date were less than 1 million barrels per day.

This is lower than the export of at least 2.5 million barrels per day in April. US President Trump retired from the 2015 Iran nuclear deal in May and re-announced sanctions against Iran. In September, Iran exported 1.6 million barrels of crude oil per day.

Saudi Arabia, the largest oil producer of the Organization of Petroleum Exporting Countries (OPEC), announced last week that it will increase crude oil production to 10.7 million barrels per day next month, a record high.

The International Monetary Fund (IMF) cut its forecast for global economic growth in 2018 and 2019 on Tuesday, saying that trade policy tensions and import tariffs have an impact on business, while emerging markets face a more severe financial environment and capital outflows.

Due to the US Columbus Day holiday on Monday, this week the American Petroleum Institute (API) and the US Energy Information Association (EIA) will postpone their inventory data for one day, which will be released on Wednesday and Thursday, respectively.


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