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Oil gains after report shows larger than expected U.S. stock draws
18 May 2018, 09:37 | Tara Lloyd
OPEC compliance reaches record 172%
Crude has rallied this month on concern that President Donald Trump's decision to quit an worldwide accord with Iran and reimpose sanctions will strain global supplies just as markets begin to show signs of a tightening. It stood at $79.39 as of 8:20 pm Nigerian time.
The CEO of French oil giant Total said Thursday he "wouldn't be surprised to see US$100 per barrel" in the coming months.
Crude has rallied this month after U.S. President Donald Trump pulled out of a nuclear agreement with world powers that had eased sanctions on Iran in exchange for curbs on its atomic program.
Oil rose to $80 a barrel in London for the first time since 2014 as US crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.
U.S. President Donald Trump announced last week that the United States would withdraw from the Iran nuclear deal, a landmark worldwide agreement signed in 2015.
Iran turns to China as Europe tries to save nuclear deal
Add that trump intends to immediately impose sanctions against any foreign companies that will do business with Iran. Iran has claimed its nuclear program is for civilian purposes and denies supporting extremists in the region.
French energy giant, Total, said on Wednesday that it might abandon a multi-billion dollar gas project in the country if it could not secure a waiver from U.S. sanctions, adding to doubts on European-led efforts to salvage the global nuclear agreement.
"The import and export situation in reality has still not freed up but maybe we can see something now the long-awaited decision has been revealed", said the source in Asia.
But betting that oil prices have hit a ceiling and liquidating bullish positions is a "dangerous" game, according to Goldman Sachs.
Going forward, oil prices are expected to remain high due to supply constraints and expected to hinder global economic growth as the geopolitical risks are the major headwinds for the oil market.
The downward trend was supported by data released late Tuesday by the American Petroleum Institute showing US crude oil inventories increased last week by 4.8 million barrels.
"While the economic environment will continue to support oil demand. support from harsh weather conditions will vanish and the recent jump in oil prices will take its toll", it said.
India, the world's third largest oil consumer, said on Thursday it had received assurances from the world's top oil exporter Saudi Arabia it would ensure adequate supplies to keep a lid on soaring oil prices.
Global demand will cross 100 million barrels a day this summer, the bank said, creating a 1 million barrel-a-day deficit without a response from OPEC and Russian Federation, which are still persisting with output cuts that were aimed at shrinking a global glut.
Economists warn that rising oil prices pose a danger to the current economic expansion and could boring the effects recently enacted U.S. economic stimulus.
Hawaii volcano EXPLOSION - fears major eruption on its way
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Chris Paul put the team on his back
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New Nintendo Switch Online Details Revealed
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Solo: A Star Wars Story - four more posters land
There are some interesting roles for women , who have characters with fascinating histories and motivations of their own. Woody Harrelson also completely owns his screen time in the new role of Solo's outlaw mentor Tobias Beckett.