Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until USA congressional elections in November, OPEC and industry sources have told Reuters.
The OPEC said the price of its basket went up by $0.82 on Tuesday, compared with the closing price at the previous session, Efe news reported.
The West Texas Intermediate (WTI) for October delivery jumped 1.71 USA dollars to settle at 69.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.69 dollars to 79.06 dollars a barrel on the London ICE Futures Exchange. Brent has climbed for four straight sessions, gaining 2.2 percent the previous day.
"A drawdown in crude oil inventories isn't very comforting when you're going to lose a lot of Iranian crude in a couple of weeks", said Phil Flynn, an analyst at Price Futures Group.
Gordon Gray, HSBC's global head of oil and gas equity research, said there were "real risks" that Brent could hit $100 a barrel.
US production has returned to 2014 boom levels, but the energy agency said USA output will grow more slowly next year due to bottlenecks in getting oil to markets.
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U.S. crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019.
Demand for oil grew more slowly in the second quarter, particularly in Europe and Asia but also because of higher gasoline prices in the USA, the energy group said.
"But we are clear that these are commercial decisions-dependent on how competitively oil is priced and on the requirements of our refineries", said the official.
Iranian fuel oil exports to Singapore collapsed in August, a source in the Middle East fuel oil market told Platts, adding that fuel oil exports to Fujairah and Singapore are expected to slow down. Meanwhile, France and South Korea are shunning Iranian Crude Oil, forcing the Islamic Republic to effectively remove some Crude Oil from global markets.
That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high.