{"id":64007,"date":"2018-10-09T15:08:51","date_gmt":"2018-10-09T14:08:51","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=64007"},"modified":"2018-10-09T15:08:51","modified_gmt":"2018-10-09T14:08:51","slug":"oil-prices-rise-at-84-56-per-barrel","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/oil-prices-rise-at-84-56-per-barrel\/","title":{"rendered":"Oil prices rise At $84.56 Per Barrel"},"content":{"rendered":"
\n
Oil prices rose on Tuesday on growing evidence of falling crude exports<\/div>\n
\n
\n

from Iran, OPEC\u2019s third-largest producer, before the imposition of new
\nU.S. sanctions and a partial shutdown in the Gulf of Mexico due to
\nHurricane Michael.<\/p>\n

Benchmark Brent crude was up 65 cents at $84.56 a barrel by 0850 GMT,
\nhaving fallen as low as $82.66 on Monday.<\/p>\n

Brent hit a four-year high of $86.74 last week. U.S. light crude was up 45
\ncents at $74.74.<\/p>\n

\u201cThe oil market mood is exceptionally bullish, with fears growing that the
\nU.S. demands for an Iran oil embargo could cause a significant supply
\nshortfall,\u201d said Julius Baer commodities research analyst Carsten Menke.<\/p>\n

Iran\u2019s crude exports fell further in the first week of October, according
\nto tanker data and an industry source, as buyers sought alternatives ahead
\nof U.S. sanctions that take effect on Nov. 4.<\/p>\n

Iran exported 1.1 million barrels per day (bpd) of crude in that seven-day
\nperiod, Refinitiv Eikon data showed.<\/p>\n

An industry source who also tracks exports said October shipments were so
\nfar below 1 million bpd.<\/p>\n

That is down from at least 2.5 million bpd in April, before President
\nDonald Trump in May withdrew the U.S. from a 2015 nuclear deal with Iran
\nand reimposed sanctions.<\/p>\n

The figure also marks a further fall from 1.6 million bpd in September.
\nSaudi Arabia, the biggest producer in the Organization of the Petroleum
\nExporting Countries, said last week it would increase crude output next
\nmonth to 10.7 million bpd, a record.<\/p>\n

\u201cIranian barrels are declining fast, and Saudi Arabia\u2019s promise to balance
\nwill face a reality check in a month\u2019s time,\u201d JP Morgan analysts said in a
\nnote.<\/p>\n

Iranian Oil Minister Bijan Zanganeh on Monday called a Saudi claim that
\nthe kingdom could replace Iran\u2019s crude exports \u201cnonsense\u201d.<\/p>\n

Meanwhile, oil companies operating in the Gulf of Mexico shut down nearly
\n20 per cent of oil production as Hurricane Michael moved towards eastern
\nGulf states including Florida.<\/p>\n

If forecasts prove accurate, the hurricane would largely miss major
\noil-producing assets in the Gulf, analysts said, but a change of track
\ncould widen the impact.<\/p>\n

The International Monetary Fund on Tuesday cut its global economic growth
\nforecasts for 2018 and 2019.<\/p>\n

The IMF said trade tensions and rising import tariffs were taking a toll
\non commerce while emerging markets struggle with tighter financial
\nconditions and capital outflows.
\n(Reuters\/NAN)<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC\u2019s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the…<\/p>\n","protected":false},"author":1,"featured_media":53100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-64007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nOil prices rise At $84.56 Per Barrel - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/oil-prices-rise-at-84-56-per-barrel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise At $84.56 Per Barrel - 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