Oil near 4-yr high as Washington's Iran sanctions loom

Oil price steady at four-year high as supply concerns remain

Brent crude, the worldwide oil benchmark, surged on Friday to a fresh 4-year high above $83/bbl as the market braces for the impact of the US energy sanctions on Iran.

U.S. West Texas Intermediate (WTI) crude futures were up 24 cents, or 0.3 percent, at $75.54 a barrel.

Global benchmark Brent crude oil futures were at $85.03 per barrel at 0439 GMT, up 5 cents from their last close, and not far off the $85.45 peak reached in the previous session, the highest since November 2014. That was not far off the $85.45 peak reached in the previous session, the highest since November 2014.

Daily crude oil output with Organization of the Petroleum Exporting Countries (OPEC) only showed slight rise in September according to market surveys.

Donald Trump spoke on the phone Saturday with King Salman of Saudi Arabia, days after the US president's latest criticism of OPEC over high oil prices.

The sanction comes into effect on November 4, 2018, and it is created to cut crude exports from the third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).




Oil traded near the highest level in nearly four years as investors grapple with doubts over OPEC's ability to replace falling exports from Iran. "At the same time, the U.S. -Mexico-Canada Agreement is also improving the overall sentiment for oil".

Iran's production will fall further after the Nov 4 U.S. sanctions hit.

Given that OPEC and Non-OPEC rebuffed President Trump's demands to boost oil production in order to offset the loss of supply from Iran and Venezuela suggests that oil prices may continue to track higher.

Citigroup Inc. has a warning for USA oil investors: American crude prices may tumble to the steepest discount against global benchmark Brent since 2013.

Oil prices steadied on Tuesday, remaining close to four-year highs on worries that global supplies will drop due to Washington's sanctions on Iran. Britain's Barclays bank, however, said "OPEC has ample spare capacity".

With oil prices soaring, there are concerns over their inflationary effect on demand growth, especially in Asia's emerging markets where weakening currencies are further adding to high fuel import costs.

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