Oil Price Continues Rise As Brent Crude Hits $86 Per Barrel

Oil Price Continues Rise As Brent Crude Hits $86 Per Barrel

Korea's imports of Iranian crude oil peaked at 11.6 million barrels in March, but fell sharply to two million barrels in August due to the US sanctions on Iran.

Oil steadied near the highest level in nearly four years as fears of a supply crunch outweighed expectations for an increase in American crude inventories. Due to those uncertainties, the market is now very nervous and emotional, and traders and other market participants could continue to make decisions based on those uncertainties and push prices higher, he said.

The trading sentiments dampened in futures trade as participants indulged in booking profits at current levels but Brent crude trading above USD 86 dollar, capped the losses.

U.S. President Donald Trump signed an executive order on May 8 to re-impose sanctions on Iran and abandoned the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA) that came into force in 2015 through joint efforts of the U.S., the U.K., France, China, Russia, Germany and the European Union. The United States seeks to block Iran's global oil sales with the move.

Oil prices fell on Thursday on the prospect of a production increase from Saudi Arabia and Russian Federation and on profit-taking after futures hit four-year highs in the previous session, supported by the imminent loss of Iranian supply through US sanctions.

Crude oil futures for November delivery ended down $2.08, or 2.7%, at $74.33 a barrel. The contract is on course for a gain of around 2.5 percent for the week. Total volume traded was about 13% above the 100-day average.

Kavanaugh poised to win confirmation to the Supreme Court Saturday afternoon
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WTI's weekly gain was about 1.3 per cent; Brent's was around 1.4 per cent.

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016.

Saudi Arabia, however, has said it can increase output by as much as 550,000 additional barrels per day over the next couple of months.

Japan's crude oil imports from Iran jumped 65% year on year in August, marking the fourth consecutive month of increase, according to the latest METI data.

Iran had been trading 2.5 million barrels per day (bpd) before the USA and United Nations sanctions and the crude trade volume hovered around 1 million bpd to 1.2 million bpd during the sanctions period from 2013 to 2015. That would be the largest net build since March if confirmed by the Energy Information Administration's figures Wednesday.

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